Money & Banking

DHFL defaults on repayment of NCDs worth ₹50 crore

Our Bureau Mumbai | Updated on July 05, 2020 Published on July 05, 2020

Distressed Dewan Housing Finance Corporation Ltd (DHFL) has defaulted on payment for a principal amount of ₹50 crore of secured non-convertible debentures. The payment was due on July 3.

“The company is currently under moratorium pursuant to Section 14 of the Code since November 29, 2019 and hence, the company is not in a position to make payment of interest or principal to any of the lenders of the company including the NCDs holders,” it said in a regulatory filing.

It further said the payments to the lenders or NCD holders remains in abeyance and will be subject to the outcome of the CIRP process.

DHFL reported a loss of ₹13,575.15 crore (including comprehensive Income) in 2019-20. The board of directors of DHFL was superseded by the Reserve Bank of India in November last year and the company is currently going through corporate insolvency resolution under the IBC.

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Published on July 05, 2020
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