MUMBAI: Piramal Capital & Housing Finance Ltd (PCHFL) will consider moving the Supreme Court after NCLAT directed the DHFL committee of creditors (CoC) to reconsider the appeal of 63 moons (formerly Financial Technologies), the company said.
PCHFL said in an intimation to the stock exchanges that it had “analysed” the detailed judgement of the NCLAT and added that the DHFL acquisition by the group “remains unaffected and the business integration continues as envisaged.”
The appeal, it said, was limited to the extent of challenging the distribution of proceeds (if any) from fraudulent transactions to the benefit of the Resolution Applicant (Piramal). 63 moons’ petition is against Piramal group ascribing Rs 1 value to Rs 40,000 crore worth of recoverable assets in the DHFL case. 63 moons had NCDs of Rs 200 crore in DHFL.
The petitioner said the CoC would have to reconsider the provision of section 66 of IBC, which mandates that the benefit (of recoveries) should go to all the creditors of DHFL. However, the CoC had, in its resolution plan, overlooked this provision to the benefit of Piramal Group.
“If CoC considers this without alteration of provision of section 66 of IBC, all creditors of DHFL will be benefited,” 63 moons said in a press release. In September 2021, PCHFL acquired DHFL for a total consideration of Rs 34,250 crore. PCHFL has retained over 3,000 employees of the DHFL Group and are also adding over 2,000 new jobs in the merged entity. The new origination of affordable housing loans has been restarted at all 301 branches across the country.