Deposit holders have admitted claims of over Rs 5,500 crore from DHFL.
By Ankur Mishra
Several fastened deposit (FD) holders of Dewan Housing Finance Corporation (DHFL) are planning to vote towards the decision on the ‘distribution mechanism’ from the possible restoration quantity for the lender. Vinay Kumar Mittal, a lead petitioner within the courtroom on behalf of FD holders, instructed FE that depositors are going to vote towards the decision as lots of them will get well a negligible quantity as per proposal. Deposit holders have admitted claims of over Rs 5,500 crore from DHFL.
The decision on distribution mechanism is open for voting until January 15 and it proposes to classify FD holders and non-convertible debenture (NCD) holders into 4 brackets based mostly on their admitted claims. The first bracket will likely be as much as Rs 2 lakh, the second class is between Rs 2 lakh to Rs 5 lakh. The third class is between Rs 5 lakh to Rs 10 lakh and the fourth one is over and above admitted claims of Rs 10 lakh. The decision proposes to pay full principal quantity to first class of FD and NCD holders below Rs 2 lakh bracket.
The decision says, “The aggregate additional amounts to be distributed to the FD holders in category 1 and secured NCD holders in category 1 shall be paid in full to the extent of principal from upfront cash up to 2% of the resolution plan payment with the intention of providing the maximum principal recovery to the basis amounts available.”
Vinay Kumar Mittal mentioned FD holders, barring these in Rs 2 lakh bracket, are going to lose most sum of money as their restoration is just not outlined within the plan. “Even if, committee of creditors (CoC) approves the resolution due to their large voting share, we will fight the matter in court,” he mentioned. The National Company Law Tribunal is individually listening to FD holders’ petition on DHFL dues. The courtroom is slated to listen to the matter subsequent on January 20,2021. “We had invested our hard-earned savings into a AAA rated company regulated by National Housing Bank (NHB) and Reserve Bank of India (RBI), then why should we lose whole amount?” he mentioned.
Along with the decision on distribution mechanism, the lenders have began voting on the bids submitted by Oaktree Capital, Piramal Capital and Housing Finance (PCHFL) and Adani Properties for DHFL. The troubled lender has admitted claims of Rs 87,407 crore, with State Bank of India being the lead creditor. DHFL is present process insolvency proceedings at NCLT, Mumbai since December 3, 2019.
Get stay Stock Prices from BSE, NSE, US Market and newest NAV, portfolio of Mutual Funds, Check out newest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and observe us on Twitter.
Financial Express is now on Telegram. Click right here to affix our channel and keep up to date with the newest Biz information and updates.