The case arose from the insolvency resolution process initiated in December 2019 against DFHL, when the Reserve Bank of India (RBI) superseded its board due to financial irregularities.
The Committee of Creditors (CoC), comprising major banks and financial institutions, approved Piramal Capital’s resolution plan with a 93.65 per cent majority in January 2021.
However, 63 Moons Technologies Limited and fixed deposit (FD) holders, challenged the plan before the NCLAT, arguing that the plan unfairly allowed Piramal Capital to retain recoveries from fraudulent transactions under Section 66 of the Insolvency and Bankruptcy Code (IBC). Furthermore, it was contended that the FD holders were not repaid in full, violating provisions of the RBI…
