Creditors claim dues of over ₹87,000 crore from DHFL
MUMBAI: Lenders, bondholders, employees and other creditors to Dewan Housing Finance Corp. Ltd (DHFL) have claimed dues of ₹87,905.6 crore under the insolvency resolution process, showed data on the debt-laden shadow lender’s website.
This does not include holders of fixed deposits, to whom DHFL owed ₹6,188 crore as on July 6. The claims were submitted to DHFL’s administrator R Subramaniakumar, a former managing director and chief executive of Indian Overseas Bank.
According to the latest available data, financial creditors, including bondholders, have claimed dues of ₹86,892.3 crore. While bondholders have claimed ₹45,550.07 crore, lenders and other financial creditors have sought ₹41,342.23 crore from the mortgage lender.
State Bank of India (including SBI Singapore) is the largest lender with a claim of ₹10,082.9 crore, followed by Bank of India (₹4,125.52 crore), Canara Bank (₹2681.81 crore), National Housing Bank (₹2,433.79 crore), Union Bank of India (₹2,378.05 crore), Syndicate Bank (₹2,229.29 crore) and Bank of Baroda (₹2,074.92 crore).
Interestingly, the administrator has also received claims of ₹950.53 crore from a group of four real estate companies. These have been classified as “creditors other than financial and operational creditors”. The largest of these is from Neelkamal Realtors Tower Pvt. Ltd of ₹757.65 crore. Neelkamal is a subsidiary of Mumbai-based real estate company DB Realty.
Subramaniakumar has, so far, admitted claims of ₹80,979.85 crore from financial creditors and ₹1.81 crore from employees. He is yet to admit any claim from operational creditors or the four real estate companies cited above.
On November 20, the RBI superseded DHFL’s board and later referred the mortgage lender to the National Company Law Tribunal (NCLT). The central bank’s initiative seeks to secure
WHILE BONDHOLDERS CLAIMED ₹45,550.07 CR, LENDERS AND OTHER FINANCIAL CREDITORS SOUGHT ₹41,342.23 CR FROM DHFL
the interests of creditors, including over 100,000 fixed deposit holders of DHFL, as a delay in resolution can lead to a rise in slippages and higher non-performing assets for the HFC, which stopped lending a few months ago.
DHFL is the first non-bank lender to be referred to NCLT under new rules notified by the government on November 15. The RBI had cited governance concerns and payment defaults by DHFL as reasons for superseding the board.
According to the RBI order cited by DHFL in a regulatory filing last month, a statutory inspection of DHFL conducted by National Housing Bank with reference to its position as on 31 March, 2018 revealed serious deterioration in its financial position. In September, the RBI had also superseded the board of crisis-hit Punjab and Maharashtra Co-operative (PMC) Bank Ltd and appointed Jai Bhagwan Bhoria as the bank’s administrator.