Committee Of Creditors Likely To Meet On December 23 Again To Evaluate DHFL Bidders, Wants More Clarity From Contenders moneycontrol.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneycontrol.com Daily Mail and Mail on Sunday newspapers.
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Bidders seem to be making a last-ditch effort to showcase to DHFL’s (Dewan Housing Finance Corporation Ltd) Administrator and its Committee of Creditors that their bid is the best, going by the letters they have written to the key stakeholders involved in DHFL’s resolution process.
This comes ahead of the voting by the CoC on the revised bids for the debt-laden company as part of the Corporate Insolvency Resolution Process.
Pirmal Enterprises
Ajay Piramal, Chairman, Piramal Enterprises Ltd (PEL), on Monday wrote a letter to DHFL Administrator R Subramaniakumar stressing on the objective of value maximisation in assessing the bids.
Wadhawan now says ready to govern DHFL as per CoC s set standards
By IANS |
Published on
Mon, Dec 21 2020 19:21 IST |
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Kapil Wadhawan, CMD of the Dewan Housing Finance Ltd. (Photo: twitter@kwadhawan1). Image Source: IANS News
New Delhi, Dec 21 : Reiterating his new proposal to repay 100 per cent of the principal debt to the creditors, Kapil Wadhawan, the erstwhile promoter of the Dewan Housing Finance Corporation Ltd (DHFL), has again written a letter to the administrator of the bankrupt NBFC assuring to run it following the best corporate governance standards as as decided by the lenders.
In a letter to administrator, R. Subramaniakumar, Wadhawan said the the resolution of DHFL should not be impeded and its assets should be granted immunity in accordance with the existing provisions of the IBC.
DHFL’s resolution looks good but there is a risk of buyer’s remorse
Financial claims total around ₹87,000 crore and Oaktree emerged as the highest bidder offering ₹37,000 crore for the entire company. (Photo: Reuters)
2 min read
DHFL may not be growing due to lending curbs, but asset quality issues have been dealt with
The firm’s loss has narrowed from ₹7,635 crore in Q4 FY20 to ₹2,122 crore in Q2 FY21
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It has been more than a year since the banking regulator initiated insolvency proceedings against a broke housing finance firm mired in governance controversies.
The saga of Dewan Housing Finance Corp. Ltd’s (DHFL) insolvency procedure has been intriguing since then. The task to find bidders looked challenging initially, and bankers were expecting large haircuts in the beginning. Lenders had made sizeable provisions against the account, assuming haircuts in excess of 50%. The plight of thousands of fixed depositors also hangs in the
DHFL: Lenders seek clarifications from Oaktree, Piramal on conditions in bids
December 20, 2020
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Lenders have sought clarifications from the bidders for Dewan Housing Finance Corporation Ltd (DHFL) by December 21 regarding the conditions they incorporated in their bids.
Sources said the Committee of Creditors (CoC) has asked Oaktree Capital and Piramal Capital & Housing Finance Ltd (PCHFL) to explain their position on the acquisition of DHFL’s indirect shareholding in Pramerica Life Insurance Ltd (through DHFL’s wholly owned subsidiary company DHFL Investments Ltd) and the hold-back clause relating to treatment of tax liabilities.
Holdback entails withholding payment of a portion of the acquisition price until some post-closing conditions have been met.