DHFL resolution: Kapil Wadhawan writes to SEBI, RBI against 63 Moons

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SME Times News Bureau | 08 Dec, 2020
Alleging 63 Moons was hampering the resolution process of DHFL for their "illegal and malifide" intentions, DHFL's erstwhile promoter Kapil Wadhawan has written to capital market regulator SEBI, the Reserve Bank of India and DHFL administrator asking them to take steps to prevent actions which may obstruct the resolution process.

Last month, 63 Moons had filed a writ petition before the Madras High Court seeking direction to the Tamil Nadu government and the competent authority to attach various assets belonging to DHFL or in which DHFL holds direct or indirect interest or the assets offered by Wadhawan.

Wadhawan alleged that 63 Moons is seeking to get precedence over every other creditor of DHFL including the FD holders who won't be able to get their dues if any order is passed as prayed for by 63 Moons.

"It is imperative that immediate steps be taken by every regulatory authority to prevent the malafide actions of 63 Moons," he said in his letter.

Copies of the letter have also been marked to the Prime Minister's Office and the Ministry of Corporate Affairs.

63 Moons Technologies had invested Rs 200 crore in non-convertible debentures issued by DHFL with the payment to be made since 2023.

There were multiple litigations filed by various parties including 63 Moons. DHFL is currently undergoing resolution process at the Mumbai-bench of National Company Law Tribunal (NCLT).

Wadhawan has also alleged that the firm filed a false complaint with EoW in Chennai to get precedence in the repayment of its dues over every other creditor.

Earlier, countering DHFL promoter Wadhwan's settlement offer to the RBI administrator by transferring his rights in properties worth over Rs 43,000 crore, 63 Moons had served a notice against any such move citing Madras High Court's injunction order barring the NBFC from selling, alienating or encumbering any asset.

Wadhawan appealed to the regulators to intervene and prevent 63 Moons disrupting the resolution process.

He reiterated that if the 2019 resolution plan prepared along with the COC and approved then, can avoid any such issues. According to him, it can also help the creditors get 100 per cent payment.

He has written to the administrator and the NCLT offering to settle the dues through the 2019 resolution and has said that the current bids, although revised, would come with around 70 per cent haircut for the lenders.