On Thursday, the Reserve Bank of India (RBI) appointed administrator for setting to meet lenders to Dewan Housing Finance Corporation (DHFL) to take stock of claims made by them.There is a deadline set by the administrator,R subramaniakumar on December 17, 2019 for creditors to submit their claims. Lenders comprising banks, bondholders, including retail bondholders, and employees are said to have submitted claims totalling Rs 87,905 crore.
The main aim for conducting the meeting seems to discuss the resolution plan and evaluating the possibility of restarting lending operations. According to few bankers they said that,while some of their claims may be approved in the meeting, the disunity among lenders to approve the resolution plan too is rising.
A statement made by a senior bank executive under conditions of Anonymity was that,"AfterIndusInd Bank classifying its exposure to DHFL fraud and providing for it accordingly, more lenders could do so". IndusInd Bank had given Rs 240 crore to DHFL by way of non-convertible debentures. The final forensic report from KPMG is even pending, IndusInd Bank is said to have made this provision on prudential basis. And also the spokesperson of DHFL clarified that however one bank’s move may not have a bearing on other banks.
The scheduled resolution plan put forward by the former DHFL management, banks would restart providing to DHFL and expand the holding of loans upwards of eight years. One of the top executivre of public sector bank said that,“Once there are charges of fraud, banks would be reluctant to provide additional loans to a borrower".
According to the current resolution plan, DHFL also needs to find an investor bringing fresh capital.while a few investors were interested in the past days. bankers say that may not be the case if support from lenders does not come through as expected.
The main aim for conducting the meeting seems to discuss the resolution plan and evaluating the possibility of restarting lending operations. According to few bankers they said that,while some of their claims may be approved in the meeting, the disunity among lenders to approve the resolution plan too is rising.
A statement made by a senior bank executive under conditions of Anonymity was that,"AfterIndusInd Bank classifying its exposure to DHFL fraud and providing for it accordingly, more lenders could do so". IndusInd Bank had given Rs 240 crore to DHFL by way of non-convertible debentures. The final forensic report from KPMG is even pending, IndusInd Bank is said to have made this provision on prudential basis. And also the spokesperson of DHFL clarified that however one bank’s move may not have a bearing on other banks.
The scheduled resolution plan put forward by the former DHFL management, banks would restart providing to DHFL and expand the holding of loans upwards of eight years. One of the top executivre of public sector bank said that,“Once there are charges of fraud, banks would be reluctant to provide additional loans to a borrower".
According to the current resolution plan, DHFL also needs to find an investor bringing fresh capital.while a few investors were interested in the past days. bankers say that may not be the case if support from lenders does not come through as expected.
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