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Home INTERNATIONAL DHFL defaults on NCD repayments of Rs 50 cr over moratorium constraints

DHFL defaults on NCD repayments of Rs 50 cr over moratorium constraints

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DHFL has defaulted on payment of Rs 50 crore on bonds, stating the company is not in a position to make payments to the lenders as it is less than moratorium due to the fact past November.&#13
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The payment has not been manufactured by the firm to the respective traders of the secured NCDs (non-convertible debentures) for a principal amount of Rs 50 crore due on July 3, 2020, DHFL explained in a regulatory filing.&#13
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The business is at present beneath moratorium below the Code (IBC) due to the fact November 29, 2019 and therefore, it is not in a position to make payment of interest or principal to any of the lenders of the organization, which include the NCDs holders, DHFL said.&#13
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The payments to the loan providers or NCD holders keep on being in abeyance and will be subject matter to the consequence of the CIRP approach, it added.&#13
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The board of the crisis-ridden non-banking monetary organization (NBFC) was superseded by the Reserve Bank on November 20, 2019 thanks to different money irregularities and mismanagement and the central bank appointed an administrator for the company.&#13
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Even more, RBI on November 22 constituted a 3 member advisory committee to support the administrator of the enterprise to discharge his obligations.&#13
ALSO Go through: SC dismisses anticipatory bail of DHFL promoters in Yes Bank scenario&#13
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On November 29, 2019 the RBI filed an software for initiating CIRP against DHFL underneath the IBC 2016 study with policies of the Insolvency and Personal bankruptcy (Insolvency and Liquidation Proceedings of Economical Assistance, Providers and Application to Adjudication of Authority) Guidelines, 2019.&#13
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Subsequently, on December 3, 2019 the Countrywide Corporation Regulation Tribunal bench at Mumbai commenced the company insolvency resolution procedure (CIRP) against the organization, and appointed the administrator to accomplish all the operate of resolution experienced to comprehensive the method, Dewan Housing Finance Corp Ltd (DHFL) claimed.&#13
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The business is alleged to be included in many corruption prices and has bank financial loan fantastic of in excess of Rs 97,000 crore. It has been alleged that it siphoned off Rs 31,000 crore out of complete bank financial loans.&#13
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DHFL promoters Kapil and Dheeraj Wadhawan, beneath arrest, are dealing with probe from critical investigating companies this kind of as the Enfrocement Directorate and the Central Bureau of Investigation (CBI) and ended up despatched to judicial custody in May perhaps this calendar year by a exclusive court docket in Mumbai.&#13

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