The case involves two Company Appeals (AT) (Insolvency) No. 454 of 2021 and No. 455 of 2021 filed against orders passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-II. Appeal No. 454 challenges the dismissal of an application seeking rejection of the Resolution Plan of Respondent No.2 and a declaration that recoveries from avoidance applications should benefit creditors of DHFL. Appeal No. 455 challenges the approval of an Interlocutory Application of the Administrator and the acceptance of the Resolution Plan of Respondent No.2. The appellant, 63 Moons Technologies Limited, argues that the Resolution Plan allows Piramal Capital & Housing Finance Limited (Successful Resolution Applicant) to appropriate recoveries from
…63 Moons Technologies Limited, formerly known as Financial Technologies (India) Ltd., filed appeals against orders related to the resolution plan of Dewan Housing Finance Corporation Limited (DHFL). The Adjudicating Authority (NCLT) approved a resolution plan where future recoveries from avoidance applications under Section 66 of the Insolvency and Bankruptcy Code (IBC) were ascribed a nominal value of Rupee 1 and would accrue to the Resolution Applicant, Piramal Capital & Housing Finance Limited. 63 Moons, a financial creditor of DHFL, argued that these recoveries should benefit DHFL's creditors. The appellant had voted in favor of the resolution plan within its class of NCD holders, which was approved by 98.94% votes. The Committee of Creditors (CoC), comprised
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The case involves two Company Appeals (AT) (Insolvency) No. 454 of 2021 and No. 455 of 2021 filed against orders passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-II. Appeal No. 454 challenges the dismissal of an application seeking rejection of the Resolution Plan of Respondent No.2 and a declaration that recoveries from avoidance applications should benefit creditors of DHFL. Appeal No. 455 challenges the approval of an Interlocutory Application of the Administrator and the acceptance of the Resolution Plan of Respondent No.2. The appellant, 63 Moons Technologies Limited, argues that the Resolution Plan allows Piramal Capital & Housing Finance Limited (Successful Resolution Applicant) to appropriate recoveries from
…63 Moons Technologies Limited, formerly known as Financial Technologies (India) Ltd., filed appeals against orders related to the resolution plan of Dewan Housing Finance Corporation Limited (DHFL). The Adjudicating Authority (NCLT) approved a resolution plan where future recoveries from avoidance applications under Section 66 of the Insolvency and Bankruptcy Code (IBC) were ascribed a nominal value of Rupee 1 and would accrue to the Resolution Applicant, Piramal Capital & Housing Finance Limited. 63 Moons, a financial creditor of DHFL, argued that these recoveries should benefit DHFL's creditors. The appellant had voted in favor of the resolution plan within its class of NCD holders, which was approved by 98.94% votes. The Committee of Creditors (CoC), comprised
…Order passed by the Adjudicating Authority…
Date of the…