# In the matter of 63 Moons Technologies Limited Vs. The Administrator of Dewan Housing Finance Corporation Limited and Anr. IA No.1171 of 2021 in CA (AT) (Ins) No. 454 of 2021 > NCLAT judgment dated 2021-07-23. Citation: TCN-2021-NCLAT-00167. The case involves two Company Appeals (AT) (Insolvency) No. 454 of 2021 and No. 455 of 2021… - **Court:** NCLAT - **Order date:** 23 Jul 2021 - **Citation:** TCN-2021-NCLAT-00167 - **Category:** IBC - **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/63-moons-technologies-limited-vs-the-administrator-of-dewan-housing-finance-corp-3c733981 ## Summary ### Background 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 … ## Facts 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 … ## Issues and analysis ### Issue 1: Whether the Resolution Plan, by ascribing a nominal value of Rupee 1 to future recoveries from … **Ratio:** The legal principle is that the Committee of Creditors (CoC) has the commercial wisdom to … **Reasoning:** The court reasoned that the CoC, comprising 77 financial creditors, consciously decided … **Interpretation:** This issue involves the interpretation of the powers and responsibilities of … **Application:** The court applied the ratio to the facts of the case by holding that the CoC's … ## Parties - **Judges:** A.I.S. C…; Alok Sriv… - **Appellants:** 63 Moons Technolog… - **Respondents:** Dewan Housing…; The Administrator… ## Timeline - **2021-06-07 — Impugned Ord…**: Order passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench,… - **2021-07-23 — Judgment…**: Date of the NCLAT… ## Legal provisions - [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66) --- This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/63-moons-technologies-limited-vs-the-administrator-of-dewan-housing-finance-corp-3c733981