MUMBAI: Leading financial technology company 63 Moons Technologies today moved the National Company Law Appellate Tribunal (NCLAT), challenging the National Company Law Tribunal's (NCLT) order for permitting Piramal Group to take over DHFL under Insolvency and Bankruptcy Code (IBC). 

63 Moons main contention is that the current resolution plan is contrary to law and against the interest of all DHFL's creditors including NCD holders. In its NCLAT plea, the company which holds over Rs 200 crore worth of NCDs of DHFL has sought interim protection maintaining that the plan execution is subject to NCLAT nod. 

Although the NCLAT refused to stay the resolution plan approved by NCLT last month, it has issued notices to all concerned parties like the administrator of DHFL, the committee of creditors (CoC), Piramal Capital and Housing Finance Ltd and others.

63 moons has also challenged the resolution plan approved in favour of Piramal in which fraudulent transaction recovery of nearly Rs 45,000 crore, has been ascribed at not Re 1 only and is determined to fight to ensure that this amount of Rs. 45,000 crores must come to the defrauded parties, which are the creditors. 

The company has said, "The resolution plan is drafted in such a way that it favours the buyer, in this case, Piramal Group, allowing it to reap the benefits of recoveries from the promoters. Ascribing a value of Re 1 to the recoveries of fraud where claims are in excess of Rs 45,000 crore creates unjust enrichment of the buyer at the cost of creditors."