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The resolution of mortgage financier Dewan Housing Finance Corporation Ltd (DHFL) seems to be under way, with the company planning to transfer the recovery amount to its depositors.
DHFL has sent messages to fixed deposit and NCD holders, asking them to update their bank account and contact details.
“To ensure receipt of proceeds/ settlement in accordance with the Resolution Plan approved by NCLT, Mumbai Bench vide its order dated June 7, 2021, for your NCD holdings in DHFL, it is important that your latest bank account and contact details are updated in the list of debenture holders,” said DHFL in its communication to NCD holders. It has also sent a similar message to FD holders. Further, in a stock exchange filing, DHFL has said the record date for de-listing NCDs from the stock exchanges has been fixed as July 30.
Many of the FD and NCD holders have expressed concerns about the transfer of funds, pointing out that their petitions challenging the payout of funds are pending in court.
“The matter of distribution of funds is still in appeal and will be decided by the NCLAT,” said Vinay Kumar Mittal, a lead petitioner in the court on behalf of the FD holders of DHFL.
‘Move unacceptable’
FD holder Rommel Rodrigues, who has filed an appeal in the Bombay High Court, said the move by DHFL is unacceptable. “While approving the resolution plan, the NCLT had had said it is subject to all appeals,” he said.
Under the current resolution plan, FD holders will get about ₹1,241 crore, 23 per cent of their admitted claims of about ₹5,400 crore.
NCD holders have been classified in different categories based on their investments, and will also get lesser repayment than their admitted claims.
The National Company Law Appellate Tribunal has refused to stay implementation of Piramal’s resolution plan for DHFL, but is hearing pleas filed by NCD holder 63 Moons Technologies and fixed deposit holders. It has set September 15 as the date for the final hearing on the plea of 63 Moons. In the case of FD holders, it has set September 16 as the next date of hearing.
The NCLT had approved the ₹37,250 crore resolution plan of Piramal Capital and Housing Finance Ltd for DHFL.
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