December 03, 2019 5:14 pm
The National Company Law Tribunal (NCLT) on Monday admitted the Reserve Bank's petition to initiate insolvency proceedings against mortgage player DHFL, making it the first financial services firm to be resolved through the bankruptcy code.
December 03, 2019 2:31 am
On November 20, the RBI superseded the board of directors of DHFL and initiated the bankruptcy proceedings “owing to governance concerns and defaults by DHFL in meeting various payment obligations”.
December 02, 2019 5:04 pm
The Reserve Bank on Friday sent the troubled mortgage lender Dewan Housing Finance (DHFL) for bankruptcy proceedings, making it the first financial services player to go to the NCLT for a possible debt resolution.
November 30, 2019 2:42 am
DHFL’s total liabilities are Rs 83,873 crore, as per its draft resolution plan. Of this, it owes banks Rs 27,527 crore, NCD holders (including retail investors, mutual funds and others) Rs 41,431 crore, NHB Rs 2,350 crore and ECBs Rs 2,747 crore. The exposure of banks could be about Rs 38,000 crore.
November 26, 2019 5:24 am
According to Indian banking laws, secured debt — mainly banks which have given over Rs 38,000 crore loans and NCDs — have the first charge on recovery.
November 25, 2019 4:57 pm
Crippled mortgage lender DHFL, whose management has been taken over by the RBI, on Friday informed stock exchanges that it will not be able to declare financial results on the scheduled date as the new administrator needs to have detailed discussions with the statutory auditors.
November 22, 2019 3:10 pm
IDFC First Bank's Non-Executive Chairman Rajiv Lall, ICICI Prudential Life Insurance's Managing Director and Chief Executive N S Kannan, and mutual funds' association AMFI's Chief Executive N S Venkatesh would be part of the panel
November 22, 2019 1:24 am
State Bank of India (SBI) Chairman Rajnish Kumar told reporters that many suitors are expected for DHFL as “it’s a good franchise”.
November 20, 2019 7:28 pm
The central bank also appointed R. Subramaniakumar, the ex-MD and CEO of Indian Overseas Bank as the administrator of the troubled HFC.
November 14, 2019 4:12 am
Seven lenders, led by State bank of India (SBI), had filed an intervention plea seeking vacation from an earlier order. Other petitioners included Union Bank of India, HDFC Bank, and Indian Overseas Bank.