DHFL has defaulted on fee of Rs 50 crore on bonds, saying the corporate just isn’t ready to make funds to the lenders as it’s beneath moratorium since final November. The fee has not been made by the corporate to the respective buyers of the secured NCDs (non-convertible debentures) for a principal quantity of Rs 50 crore due on July three, 2020, DHFL mentioned in a regulatory submitting.
The corporate is at present beneath moratorium beneath the Code (IBC) since November 29, 2019 and therefore, it isn’t ready to make fee of curiosity or principal to any of the lenders of the corporate, together with the NCDs holders, DHFL mentioned.
The funds to the lenders or NCD holders stay in abeyance and might be topic to the end result of the CIRP course of, it added.
The board of the crisis-ridden non-banking monetary firm (NBFC) was outmoded by the Reserve Financial institution on November 20, 2019 as a result of varied monetary irregularities and mismanagement and the central financial institution appointed an administrator for the agency.
Additional, RBI on November 22 constituted a 3 member advisory committee to help the administrator of the corporate to discharge his duties.
On November 29, 2019 the RBI filed an software for initiating CIRP in opposition to DHFL beneath the IBC 2016 learn with guidelines of the Insolvency and Chapter (Insolvency and Liquidation Proceedings of Monetary Service, Suppliers and Software to Adjudication of Authority) Guidelines, 2019.
Subsequently, on December three, 2019 the Nationwide Firm Regulation Tribunal bench at Mumbai commenced the company insolvency decision course of (CIRP) in opposition to the corporate, and appointed the administrator to carry out all of the perform of decision skilled to finish the method, Dewan Housing Finance Corp Ltd (DHFL) mentioned.
The corporate is alleged to be concerned in varied corruption costs and has financial institution mortgage excellent of over Rs 97,000 crore. It has been alleged that it siphoned off Rs 31,000 crore out of complete financial institution loans.
DHFL promoters Kapil and Dheeraj Wadhawan, beneath arrest, are dealing with probe from key investigating companies such because the Enfrocement Directorate and the Central Bureau of Investigation (CBI) and had been despatched to judicial custody in Might this yr by a particular court docket in Mumbai.
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