RBI refers DHFL to bankruptcy tribunal for resolution of company's Rs 83,873 cr debt
The Reserve Bank on Friday sent the crippled Dewan Housing Finance Corporation (DHFL) to the bankruptcy tribunal, making it the first NBFC/HFC to be resolved under the insolvency and bankruptcy code
-
The Reserve Bank on Friday sent the crippled Dewan Housing Finance Corporation (DHFL) to the bankruptcy tribunal, making it the first NBFC/HFC to be resolved under the insolvency and bankruptcy code
-
As of July 2019, the home financier owed Rs 83,873 crore to banks, the National Housing Board, mutual funds and bondholders, including retail bondholders
-
The Reserve Bank on 20 November had superseded the board of the troubled Dewan Housing Finance Corporation (DHFL) due to governance concerns and defaults on various debt instruments
Mumbai: The Reserve Bank on Friday sent the crippled Dewan Housing Finance Corporation (DHFL) to the bankruptcy tribunal, making it the first NBFC/HFC to be resolved under the insolvency and bankruptcy code.
The central bank also said there will an interim moratorium on the lender between the date of filing of the bankruptcy application and its admission or rejection.
#JustIn | CNBC-TV18 newsbreak confirmed, RBI files plea to start insolvency process against DHFL pic.twitter.com/M42dWXsano
— CNBC-TV18 (@CNBCTV18Live) November 29, 2019
The city-headquartered pureplay mortgage lender becomes the first NBFC/HFC to go for bankruptcy resolution.
As of July 2019, the home financier owed Rs 83,873 crore to banks, the National Housing Board, mutual funds and bondholders, including retail bondholders.
Of this, secured debt is Rs 74,054 crore and Rs 9,818 crore is unsecured.
The Reserve Bank on 20 November had superseded the board of the troubled Dewan Housing Finance Corporation (DHFL) due to governance concerns and defaults on various debt instruments.
The central bank had also appointed R Subramaniakumar, the ex-managing director of Indian Overseas Bank as the administrator of the third-largest pureplay mortgage lender.
(With PTI inputs)
also read
Why did FTX founder Sam Bankman-Fried bribe Chinese officials?
FTX founder Sam Bankman-Fried has been charged with directing $40 million in bribes to one or more Chinese officials to unfreeze assets relating to his cryptocurrency business in a newly rewritten indictment
WATCH: Rupee to rescue countries facing foreign currency crunch; over 18 have opened vostro accounts
SRVA or Special Rupee vostro account is a new trade mechanism announced by India's central bank -- Reserve Bank of India (RBI) in July last year to settle cross-border trade in Indian rupee
Silicon Valley Bank's parent company cut off from bank's records
SVB Financial is exploring options, including a potential bankruptcy sale, for its venture capital and investment banking businesses, which were not included in the FDIC's takeover of SVB