scorecardresearch
Follow Us:
Sunday, November 29, 2020

Lenders ask DHFL bidders to sweeten their offers

The National Company Law Tribunal (NCLT) has allowed the Reserve Bank’s plea to extend the corporate insolvency resolution process of DHFL by another 90 days.

By: ENS Economic Bureau | Mumbai | Updated: October 27, 2020 10:49:26 am
Lenders are against handing over the company at a huge haircut of over 70 per cent to the four bidders.

The Committee of Creditors (CoC), which is supervising the resolution plan of Dewan Housing Finance Corporation Ltd (DHFL), on Monday asked the bidders to sweeten the offers as they found the proposals of the Adani group, Piramal group, US-based Oaktree and Hong Kong-based SC Lowy much below expectations.

Simultaneously, the National Company Law Tribunal (NCLT) has allowed the Reserve Bank’s plea to extend the corporate insolvency resolution process of DHFL by another 90 days.

Lenders are against handing over the company at a huge haircut of over 70 per cent to the four bidders. Oaktree informed the lenders that it bid for the entire company for Rs 15,800 crore, payable in the next seven years. Oaktree has also offered Rs 12,000 crore, available with company to the lenders. The Adanis offered to pay Rs 750 crore within one year and the balance Rs 1,500 crore will be payable after 8 years. Piramal Enterprises has bid for DHFL’s Rs 33,000 crore retail portfolio for only Rs 6,000 crore.

ITC fraud: One held for trading of fake invoices

New Delhi: The Pune zonal unit of the Directorate General of GST Intelligence (DGGI) has arrested a person for trading of fake invoices involving input tax credit (ITC) of over Rs 50 crore.

The person used to generate fake invoices on commission basis for ITC availment and passed it on to others fraudulently, Finance Ministry officials said.

“He has issued bogus/fake invoices for ITC availment of worth Rs. 32.56 lakh and fake invoices for ITC passed on of worth Rs.19.63 lakh. Total ITC involved is Rs 52.19 crore approximately. Further investigations are under progress,” they said. —ENS Economic Bureau

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

Advertisement
Advertisement
Advertisement
Advertisement