2025 INSC 421 REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NOS. 1632-1634 OF 2022 PIRAMAL CAPITAL AND HOUSING FINANCE LIMITED (FORMERLY KNOWN AS DEWAN HOUSING FINANCE CORPORATION LIMITED)

….APPELLANT (S)

VERSUS

63 MOONS TECHNOLOGIES LIMITED & OTHERS .…RESPONDENT (S)

WITH C.A. Nos. 1707-1712 of 2022 WITH DIARY No. 6037 of 2022 WITH C.A. Nos. 2989-2991 of 2022 WITH C.A. No. 2402 of 2022 Signature Not Verified WITH NITIN TALREJA Date: 2025.04.01 Reason:

C.A. Nos. 2413-2415 of 2022 WITH C.A. No. 2567 of 2022 WITH C.A. Nos. 2987-2988 of 2022 WITH C.A. Nos. 8123-8125 of 2022 WITH C.A. Nos. 3694-3695 of 2022 WITH C.A. No. 6286 of 2022 WITH C.A. No. 2396 of 2022 INDEX GLOSSARY .............................................................................. 4 I. THE DETAILS AND CATEGORIES OF THE APPEALS .......... 5 II. FACTUAL BACKGROUND .................................................... 13 III. SUBMISSIONS BY THE LEARNED ADVOCATES FOR THE PARTIES ............................................................................. 23 IV. RELEVANT PROVISIONS OF THE IBC AND OTHER ACTS 47 V. SCOPE OF JUDICIAL REVIEW ............................................ 64 VI. ANALYSIS IN THE FIRST CATEGORY OF APPEALS .......... 83 (i) Questions ..................................................................... 87 (ii) Avoidance Applications ............................................... 89 (iii)Mandatory Requirements of Section 30(2) of the IBC and Regulation 38 of Regulations, 2016 .................... 95 (iv)Maximization of the value of the assets of the Corporate Debtor ......................................................... 98 (v) Whether the NCLAT should have entertained the appeals filed by the 63 Moons under Section 61 of the Code and tinkered with the Resolution Plan approved by the CoC and the NCLT? ........................................ 101 VII. ANALYSIS IN THE SECOND CATEGORY OF APPEALS ... 122 (i) Whether the Resolution Plan violated the Provisions Of RBI Act or NHB Act? .................................................... 126 VIII. ANALYSIS IN THE THIRD CATEGORY OF APPEALS ....... 133 IX. CONCLUSION ...................................................................... 143 GLOSSARY

1. BR Act – The Banking Regulation Act, 1949

2. CD – Corporate Debtor

3. CIRP – Corporate Insolvency Resolution Process

4. CoC – Committee of Creditors

5. DHFL – Dewan Housing Finance Corporation Limited

6. EOI – Expression of Interest

7. FD Holders – Fixed Deposit Holders

8. FSP – Financial Service Provider

9. FSP Rules – Financial Service Provider Rules, 2019

10. GT – M/s. Grant Thornton

11. HFC – Housing Finance Companies

12. IBC – The Insolvency and Bankruptcy Code, 2016

13. NBFC – Non-Banking Financial Companies

14. NCD Holders – Non-Convertible Debenture Holders 15. NCLAT – National Company Law Appellate Tribunal

16. NCLT/ Adjudicating Authority – National Company Law Tribunal

17. NHB Act – The National Housing Bank Act, 1987 18. Piramal Capital – Piramal Capital and Housing Finance Limited

19. PRAs – Prospective Resolution Applicants

20. RA – Resolution Applicant

21. RBI Act – The Reserve Bank of India Act, 1934

22. Regulations, 2016 – The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons), Regulations, 2016

23. RFRP – Request for Resolution Plan Proposal

24. RP – Resolution Plan

25. SRA – Successful Resolution Applicant J U D G M E N T BELA M. TRIVEDI, J.

1. In the captioned Appeals, the contextual facts encompass the issues involved and permit analogous adjudication. Hence, they are disposed of by this common judgment and order.

(I) THE DETAILS AND CATEGORIES OF THE APPEALS: -

i. Civil Appeal Nos. 1632-1634 of 2022 have been filed by the Appellant Piramal Capital and Housing Limited (Piramal Capital), Successful Resolution Applicant (SRA) challenging the common judgment and order dated 27.01.2022 passed by the National Company Law Appellate Tribunal, New Delhi, (NCLAT) in Company Appeal (AT) (Ins