RBI refers DHFL to chapter tribunal for decision of firm’s Rs 83,873 cr debt

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Mumbai: The Reserve Financial institution on Friday despatched the crippled Dewan Housing Finance Company (DHFL) to the chapter tribunal, making it the primary NBFC/HFC to be resolved beneath the insolvency and chapter code.

The central financial institution additionally mentioned there’ll an interim moratorium on the lender between the date of submitting of the chapter utility and its admission or rejection.

Town-headquartered pureplay mortgage lender turns into the primary NBFC/HFC to go for chapter decision.

As of July 2019, the house financier owed Rs 83,873 crore to banks, the Nationwide Housing Board, mutual funds and bondholders, together with retail bondholders.

Of this, secured debt is Rs 74,054 crore and Rs 9,818 crore is unsecured.

The Reserve Financial institution on 20 November had outmoded the board of the troubled Dewan Housing Finance Company (DHFL) as a result of governance considerations and defaults on numerous debt devices.

The central financial institution had additionally appointed R Subramaniakumar, the ex-managing director of Indian Abroad Financial institution because the administrator of the third-largest pureplay mortgage lender.

(With PTI inputs)

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