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NCLAT says any further action on Piramal's DHFL Resolution Plan subject to 63 moons plea

Economic Times  

The National Company Law Appellate Tribunal (NCLAT) declined to stay the resolution plan of Dewan Housing Finance Corporation Ltd (DHFL) and its subsequent takeover by the successful bidder Piramal Capital & Housing Finance over the plea filed by 63 Moons Technologies. A two-member bench rejected 63 Moons Technologies' plea to pass an interim order staying the resolution plan approved by the Mumbai bench of National Company Law Tribunal (NCLT). Earlier on June 7, the NCLT had approved the resolution plan of Piramal Capital & Housing Finance Ltd for the debt-ridden DHFL and 63 Moons, which is a debenture holder of DHFL, filed a petition challenging it before NCLAT. It had requested to stay the operations of the NCLT order, till the two appeals filed by it before the appellate tribunal is decided. Earlier, on July 6, the NCLAT had issued notices to the lenders of DHFL and its successful bidder Piramal Capital & Housing Finance Ltd.