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DHFL-Piramal case: SC asks NCLAT to expedite 63 Moons' appeal

Business Line  

The Supreme Court has directed the National Company Law Appellate Tribunal (NCLAT) to complete the hearing of the appeal filed by 63 Moons Technologies against the Piramal Group's resolution plan for mortgage financier Dewan Housing Finance Corporation Ltd (DHFL), within two months. Enabling the implementation of the resolution process of DHFL to continue, the Supreme Court also refused to grant a stay on it. 63 Moons' appeal in NCLAT questioned the legality of Piramal's Resolution Plan for DHFL, where Piramal may be able to potentially pocket INR 45,000 crore that may be recovered from the Wadhawans and their associates, adding that the NCLAT, while issuing the notice, did not stay the implementation of the resolution plan. 63 Moons holds non-convertible debentures worth over INR 200 crore issued by DHFL.