DHFL Insolvency Case: Creditors Submit Claims Worth Nearly Rs 87,000 Crore
RBI had initiated insolvency proceedings against DHFL after the government amended IBC to include financial services companies.
Financial creditors to Dewan Housing Finance Corporation Ltd. have submitted claims worth Rs 86,892 crore against the mortgage lender taken to insolvency courts by the central bank.
R Subramaniah Kumar, the administrator appointed by the Reserve Bank of India, has so far admitted claims worth nearly Rs 80,980 crore before the insolvency proceedings begin, according to information available on the DHFL website.
Mutual funds and other bondholders have claimed Rs 45,550 crore. The administrator admitted most of these claims.
State Bank of India, including its Singapore-based unit, has claimed dues worth Rs 10,083 crore, the highest among individual lenders. Of this, the administrator has admitted claims worth Rs 7,131 crore. Bank of India has submitted the second-biggest claims worth over Rs 4,000 crore.
Operational creditors to the company have claimed more than Rs 60 crore so far, while workers and employees have claimed over Rs 2 crore.
Other creditors have claimed over Rs 950 crore. These include four real estate companies—HM Tower Pvt. Ltd., MAN Realty Ltd., Merino SheltersPvt Ltd. and Neelkamal Realtors Tower Pvt. Ltd. Neelkamal Realtors has been asked to analyse its claims better and resubmit with necessary proof.
The RBI, last month, initiated insolvency proceedings against DHFL after the government amended the Insolvency & Bankruptcy Code to include financial services companies. The housing finance company and its insolvency proceedings are the test case for the evolving bankruptcy framework for such companies.
Lenders to DHFL have been trying to find a resolution since June when they signed the inter-creditor agreement. It was delayed because mutual funds and other bond holders couldn’t participate. Creditors also suggested a plan to carve out the company’s assets into three parts and sell them to investors, with banks holding equity stake in the interim. That was rejected by the RBI.