DHFL Case: 63 Moons Moves NCLT Seeking To Protect Bondholders

63 Moons Technologies, formerly Financial Technologies, on Thursday said it has moved the National Company Law Tribunal (NCLT) seeking to ensure that recovery from DHFL benefit all creditors, including NCD-holders.

The company holds over Rs 200 crore of NCD (non-convertible debentures) of the crippled mortgage player.

"We have filed an application with the National Company Law Tribunal, Mumbai, seeking that the benefit of avoidance applications for around Rs 30,000 crore filed by the DHFL administrator under Section 66 of IBC come to the committee of creditors, including NCD holders, who are the actual sufferers of the default by the company," said 63 Moons in a statement.

Currently, according to the resolution plans, which will be voted by the committee of creditors, the recovery amount will go to resolution applicant, the company said.

NCLT on Thursday adjourned the 63 Moons application for hearing to January 13.

Reportedly, the committee of creditors have opposed the resolution as they stand to benefit from the personal guarantees of the DHFL promoters but NCD holders have no such recourse.

63 Moons had earlier also filed a cheating case against DHFL promoters Kapil Wadhawan. It had also said Wadhawan's offer to settle the claims by transferring his rights, title and interest in about 10 projects valued at Rs 43,879 crore, should not be accepted.

On Wednesday, the DHFL creditors began voting on the resolution plans, and they are likely to announce the new owner by January 14.

The creditors are voting on six resolution plans submitted to them by Oaktree Capital Management, Piramal Group and Adani Group.

Piramal and Adani also submitted supplementary plans seeking to buy standalone retail and wholesale loan portfolios, while Hong Kong-based investor SC Lowy's offers to buy the corporate loan portfolio.

The plans offer an average of Rs 37,000-38,000 crore to buy DHFL's loan assets, which means the lenders will have to take 65-70 per cent haircut. DHFL owes financial creditors Rs 87,000 crore.

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