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DHFL ex-promoter Kapil Wadhawan writes to regulators, PMO; alleges 63 Moons hampering company’s resolution process

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While lenders are wanting to public sale DHFL property to recuperate ₹83,000 crore of unpaid loans, Jignesh Shah-founded 63 Moons Technologies has filed a writ petition within the Madras High Court searching for attachment of DHFL property to recuperate its dues of ₹200 crore.

Jailed erstwhile promoter of crisis-hit DHFL Kapil Wadhawan has written to the Reserve Bank of India and SEBI alleging that 63 Moons Technologies is hampering the company’s insolvency resolution process.

While lenders are wanting to public sale DHFL property to recuperate ₹83,000 crore of unpaid loans, Jignesh Shah-founded 63 Moons Technologies has filed a writ petition within the Madras High Court searching for attachment of DHFL property to recuperate its dues of ₹200 crore.

In a letter to RBI Governor Shaktikanta Das and SEBI Chairman Ajay Tyagi, with copies marked to the Prime Minister’s Office, Wadhwan has alleged that 63 Moons is searching for to give priority to the restoration of its dues over the ₹80,000 crore of excellent that different collectors would get to settle within the insolvency process.

When reached for feedback, a 63 Moons spokesperson, in an announcement, expressed shock at Wadhawan having the ability to write the letter from Taloja Prison (New Mumbai) and stated, whereas it might not like to touch upon the contents of the letter, the corporate was “committed to recovering its money”.

While the spokesperson didn’t state what its excellent due from DHFL is, Wadhawan, within the letter, said that 63 Moons had invested ₹200 crore in non-convertible debentures of DHFL throughout a public subject in 2016 and these are redeemable from 2023 onwards.

“I am constrained to address this letter to draw your attention to the unfortunate and destructive actions taken by 63 Moons Technologies which are likely to disrupt the entire resolution process of DHFL which is presently undergoing,” Wadhawan stated in his letter, a replica of which has been reviewed by PTI.

63 Moons has filed a writ petition earlier than the Madras High Court searching for attachment of property belonging to DHFL, Wadhawan stated within the letter. “In the guise of this writ petition, 63 Moons is seeking to get precedence over every other creditor of DHFL including the poor FD (Fixed Deposit) holders who will be left in the lurch if any order as prayed for by 63 Moons is granted. This is apart from the substratum of the resolution process under the IBC (Insolvency and Bankruptcy Code) being completely destroyed if reliefs are granted to 63 Moons,” stated the previous promoter of DHFL.

Wadhawan has sought rapid steps from the regulatory authorities in order to stop the “malafide actions” of 63 Moons from succeeding, which he alleged had been “devoid of any merits”, “malafide” and “not maintainable”.

According to the letter, 63 Moons had subscribed to non-convertible debentures of DHFL in a public subject in 2016.

“These NCDs are redeemable from the year 2023 onwards. The total debt payable to 63 Moons is ₹200 crore as opposed to more than ₹80,000 crore to all creditors put together,” Wadhawan’s letter stated. DHFL confronted liquidity disaster after the IL&FS fiasco in September 2018. The non-banking monetary firm confronted extreme liquidity crunch. However, it managed to repay practically ₹44,000 crore to its collectors subsequently.

Later on, after the intervention of the Reserve Bank of India, an administrator was appointed to head the corporate in November 2019. A 3-member committee has additionally been appointed to be the advisors to the administrator.

Currently, DHFL is present process a resolution process within the National Company Law Tribunal (NCLT) beneath the IBC. It can be the primary monetary sector firm to be present process such a process.

63 Moons had additionally filed a go well with in 2019 within the Bombay High Court towards DHFL claiming an quantity of ₹231 crore together with curiosity and in addition claimed numerous reliefs. Wadhawan stated having failed to recuperate its monies within the stated Bombay go well with, which was stayed as soon as the moratorium commenced beneath the IBC, 63 Moons filed another go well with within the Chennai High Court.

“I request your urgent intervention to prevent 63 Moons from disrupting the resolution process and to ensure that thousands of crores of public money is not irretrievably lost,” the letter stated.

The multitude of disputes between collectors of DHFL, resolution candidates and different stakeholders might have been prevented if the 2019 plan that had been authorised by all of the banks which supplied 100% reimbursement of the principal quantity to all collectors is taken into account with applicable modifications by the CoC (Committee of Creditors) and Administrator, Wadhwan stated within the letter.

“It would be in the interest of all stakeholders if the CoC/ Administrator were directed to urgently consider the 2019 plan particularly as the other bids received by DHFL result in a 70% haircut to all creditors and a write off of nearly ₹40,000-50,000 crore public money,” he stated.

According to the 63 Moons spokesperson, the corporate is “committed to recovering its money” and that it’s going to shortly present particulars of all private property of Kapil and his brother Dheeraj Wadhawan to involved authorities.

“Having failed to either intervene in the writ proceedings or have the injunction orders vacated, Kapil Wadhawan now seeks for regulatory intervention in judicial proceedings pending before the Madras High Court which is impermissible in law.

“That, in fact, would amount to interference in the administration of justice. We are certain the regulators would be aware of this legal position,” the spokesperson stated within the assertion.

Noting that 63 Moons is merely exercising its authorized rights to recuperate its cash, the spokesperson stated the corporate is dedicated to recovering its cash and can proceed to take appropriate and applicable motion in accordance with regulation.

“There is no question of disrupting any process before the NCLT pursuant to IBC. To the contrary, Kapil Wadhawan has been making last ditch efforts to intervene in proceedings before the NCLT, possibly to suppress the actual events that lead to DHFL’s massive defaults in excess of ₹84,000 crore.

“Hence, if there is any attempt to disrupt the process before the NCLT, it is by Kapil Wadhawan alone,” the 63 Moons spokesperson stated.

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