63 moons technologies said it will challenge the order of the National Company Law Tribunal (NCLT), Mumbai allowing Piramal Group to acquire DHFL under the Insolvency and Bankruptcy Code (IBC).
“63 moons believes that the current resolution plan is contrary to law and against the interest of all DHFL’s creditors, including NCD holders,” it said in a statement
“The administrator of DHFL has filed applications for recovery of almost ₹45,000 crore under Section 66 of the IBC against DHFL’s promoters and other persons on account of their fraud against the creditors,” it added.
63 moons said the ₹45,000 crore must be paid to the defrauded parties who are the creditors.
“Instead, the resolution plan is drafted in such a way that it favours the resolution applicant (buyer), in this case Piramal Group, allowing it to reap the benefits of recoveries from the promoters,” it said.
It said ascribing a value of ₹1 to the recoveries of fraud where claims are in excess of ₹45,000 crore “creates unjust enrichment of the buyer (Piramal) at the cost of creditors.”
“Piramal has bid only for the current value of DHFL which does not include these amounts that were taken away fraudulently. Hence, the recoveries must come to creditors only,” it said.
63 moons, which holds more than ₹200 crores of DHFL’s NCDs, had filed an application in the NCLT-Mumbai demanding the payment of fraudulent transaction recovery benefits to creditors, including NCD holders who are the actual sufferers of the default.
