MUMBAI:  Financial technology company, 63 Moons Technologies Ltd, which holds non-convertible debentures (NCDs) worth over Rs 200 crore issued by debt-ridden DHFL, moved the Supreme Court on Wednesday against the National Company Law Appellate Tribunal’s (NCLAT) order that refused to stay the implementation of Piramal’s approved resolution plan for the mortgage lender.

63 Moons has challenged the NCLAT’s judgment on the grounds that the current resolution plan is disappointing for NCD holders and has said that if the resolution plan (RP) which has gone in favour of the Piramal group company, is implemented, the position of all stakeholders would be irreversibly altered. 

"The stipulation in the approved RP will deprive the persons who were defrauded by fraudulent transactions and this would be against the public policy," 63 Moons said, adding that ascribing a value of Rs 1 to the future recoveries (involving amounts in excess of Rs 45,000 crore) is not adequately factoring in the RP.

In its apex court plea, 63 Moons has contended that the RP has not taken into consideration the aspect of value maximisation of the assets of DHFL. 

DHFL has been undergoing insolvency proceedings at NCLT in Mumbai since December 3, 2019. The troubled mortgage lender has admitted claims of Rs 87,120 crore, with SBI being the lead creditor along with other banks like Bank of India, Union Bank of India, Bank of Baroda, Punjab National banks and others. 

A substantial part of the claims is from secured NCD holders to the tune of Rs 42,154 crores, with another 3,528 crores of unsecured NCD holders. Fixed deposit holders have claims worth Rs 5,418 crores.

The NCLT, Mumbai Bench, had on June 7 conditionally approved the Piramal Capital & Housing Finance’s Rs 34,250 crore resolution plan to acquire DHFL.