63 Moons moves High Court to recover Rs 200 crore from DHFL

63Moons Technologies has moved the Bombay High Court, seeking directions against Dewan Housing Finance Corporation (DHFL) for the recovery of around Rs 200 crore that it said was due from the mortgage lender and to ensure that promoters Dhiraj and Kapil Wadhawan do not leave the country.

Jignesh Shah-promoted 63 Moons, which had subscribed to the non-convertible debentures (NCD) of DHFL, approached the court on Monday after the company failed to repay the money.

Counsel for DHFL challenged the maintainability of the petition, arguing that the trustees of the bondholders had already moved an application in the Pune bench of the Debt Recovery Tribunal (DRT) for the recovery of dues on behalf of the debenture holders and hence this plea could not be entertained.

After hearing both parties, Justice SJ Kathawala adjourned the matter until further development at the DRT.

The Pune bench of the DRT is scheduled to hear on Tuesday the case filed by Catalyst Trusteeship, a trustee to the NCD holders.

DHFL is being investigated by central agencies over alleged financial irregularities. The case came up a day after DHFL announced to the stock exchanges that it had stopped payment to creditors, including fixed deposit holders, following the direction of the Bombay High Court.

“The High Court of Bombay in the case filed by RelianceNSE -0.26 % Nippon Life Insurance passed an order on September 30 and October 10, restraining the company from making payments to any of its secured/unsecured creditors, including the payments to any fixed-deposit holders,” DHFL said in a late evening regulatory filing.

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