# Piramal Capital and Housing Finance Limited v. 63 Moons Technologies Limited & Others

> SC judgment dated 2025-04-01. Citation: TCN-2025-SC-00031. The case involves multiple civil appeals challenging a common judgment and order passed by the…

- **Court:** SC
- **Order date:** 1 Apr 2025
- **Citation:** TCN-2025-SC-00031
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/piramal-capital-and-housing-finance-limited-vs-63-moons-technologies-limited-oth-b7131e2e

## Summary

### Background

The case involves multiple civil appeals challenging a common judgment and order passed by the National Company Law Appellate Tribunal (NCLAT) related to the resolution plan of Dewan Housing Finance Corporation Limited (DHFL). The appeals are categorized into three groups: appeals concerning avoidance applications, appeals by fixed deposit holders (FDH) and non-convertible debenture holders (NCDH), and appeals by ex-promoters. The core issue revolves around the treatment of recoveries from avoidance applications, the rights of FDHs and NCDHs, and the participation rights of ex-promoters in the corporate insolvency resolution process (CIRP). The Supreme Court is tasked with determining the validity of the NCLAT's modifications to the resolution plan approved by the

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## Facts

Dewan Housing Finance Corporation Limited (DHFL) was a housing finance company and a non-banking financial company regulated under the NHB Act and RBI Act. DHFL availed financial assistance through various instruments, including rupee loans, external commercial borrowings, and debentures. DHFL was accused of committing a major financial scam involving loan frauds and money laundering. The RBI superseded the Board of Directors of DHFL and appointed an Administrator. The RBI filed a Company Petition before the NCLT for initiating CIRP proceedings. The NCLT directed the commencement of CIRP and confirmed the appointment of the Administrator as the Resolution Professional. The Administrator received claims worth Rs.82,247 Crores and constituted a CoC. The Administrator

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## Issues and analysis

### Issue 1: Whether the RP in question approved by the CoC and the NCLT was in contravention of the provisions …

**Ratio:** The commercial wisdom of the CoC is paramount, and the scope of judicial review by the

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**Reasoning:** The Supreme Court held that the NCLAT had transgressed its jurisdiction under Section 61

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**Interpretation:** The court interpreted Section 61 of the IBC as providing limited grounds for

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**Application:** The court applied the principle of limited judicial review to the facts of the

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## Parties

- **Judges:** BELA M. T…; SATISH CHANDRA…
- **Appellants:** PIRAMAL CAPITAL &…
- **Respondents:** Dewan Housing…; 63 Moons Technolog…
- **Other parties:** 8th Edition…; Financial Service…; +19 more

## Timeline

- **2019-11-20 — RBI supersedes DHFL…**: RBI supersedes the Board of Directors of…
- **2019-11-29 — RBI files Company…**: RBI files a Company Petition before the NCLT for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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