BANKRUPT DHFL
NCLT declares ex-DHFL chairman Kapil Wadhawan bankrupt over ₹4,546 crore dues
The NCLT Mumbai has declared Kapil Wadhawan, the former chairman of DHFL, bankrupt following a petition by Union Bank of India to recover ₹4,546 crore. This order was issued after Wadhawan failed to submit a repayment plan. Sanjay Kumar Mishra has been appointed as bankruptcy trustee to manage the distribution of Wadhawan's estate.
IRDAI proposes flexible lock-in period for investors in insurance companies
Earlier, the IRDAI prescribed lock-ins based on the age of the insurer, with waivers granted only in extraneous situations. In certain cases, the regulator had waived the lock-in for DHFL General Insurance. In 2020, this company was acquired by Flipkart co-founder and former CEO Sachin Bansal from Kapil Wadhawan-led financial services group Wadhawan Group Capital (WGC) for ₹100 crore as a distressed sale due to the bankruptcy of DHFL.
Top court seeks CBI reply on Piramal Capital and Housing Finance plea in DHFL case
PCHF has raised a substantial question of law as to whether Section 32A of the Insolvency & Bankruptcy Code, 2016, forbids the subsistence of an FIR and continuation of the resultant criminal proceeding against the resolved corporate debtor (the new management) after successful completion of the corporate insolvency resolution process (CIRP) for offences allegedly committed by the previous management prior to the initiation of the insolvency proceedings.'
CBI quizzes alleged Chhota Shakeel aide in DHFL fund diversion case
According to sources, Nawandar was questioned on funds allegedly diverted by brothers Kapil and Neeraj Wadhawan, who were the promoters of the home loans provider.
Yes bank scam: CBI arrests Pune-based builder
Last month, the agency had raided the borrowers of DHFL and has even arrested Mumbai-based builder Sanjay Chhabria of the Radius group in the said matter. While seeking Chhabriaa’s remand, CBI told a special court here that he had alleged misappropriated more than Rs 3,000 crore in the said case.
Yes Bank-DHFL fraud case: CBI raids underway in Mumbai, Pune
These sources added that searches were underway at eight locations in Mumbai and Pune. The raids come days after the federal agency arrested another city-based realtor Sanjay Chhabriaa in the said matter. On Friday while seeking Chhabriaa remand, CBI told a special court here that he had alleged misappropriated more than Rs 3,000 crore in the said case.
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Yes Bank scam: CBI arrests Radius Group MD, Sanjay Chhabria
Radius Group was one of the biggest borrowers on the erstwhile DHFL with an outstanding loan with interest of around Rs 3,000 crores for a residential project in suburban Mumbai. The project is a joint venture between Radius and Sumer Group.
Yes Bank scam: CBI searches underway at six locations
The promoters of erstwhile DHFL, Kapil and Dhiraj Wadhawan are currently in jail in connection with the cases registered by CBI and the Enforcement Directorate for the alleged fraud caused to Yes Bank in connivance with the bank's cofounder Rana Kapoor who is also lodged at Taloja jail on the outskirts of Mumbai.
RBI's decision to supersede boards of Srei group cos will prevent domino effect: Experts
The National Company Law Tribunal (NCLT) on Friday admitted the insolvency pleas moved by banking sector regulator RBI against the two Srei Group firms and appointed an administrator to run the companies.
Piramal Capital & Housing Finance acquires DHFL via reverse merger
In November 2019, RBI had referred DHFL -- then the third-largest pure-play mortgage lender -- for resolution under the Code. DHFL had gone bankrupt with more than Rs 90,000 crore in debt to various lenders, including banks, mutual funds and individual investors who kept fixed deposits with the company.
DHFL Case: NCLAT to hear FD, NCD holders and Wadhawan's plea on September 29
In June, the Mumbai bench of the National Company Law Tribunal (NCLT) approved the resolution plan of Piramal Capital and Housing Finance Limited. However, the order was challenged by Wadhawan at the appellate tribunal.
DHFL lenders to vote on a proposal to give higher payout to small investors
Between what was approved by the committee of creditors earlier and the proposed distribution mechanism, lenders will have to shell out Rs 1,853 crore, which is around 5.4% of the resolution plan value.
BSE, NSE to suspend trading in DHFL shares from Monday
NCLT has approved the resolution plan by Piramal Group for DHFL, resulting in zero value for the shares of DHFL.
Insolvency and Bankruptcy Code works, but it could work better
The bid amount will enable creditors to recover about 40% of the total admitted claims of around Rs 87,082 crore. The NCLT has advised lenders to show some 'gesture' (reallocation of funds) towards fixed depositors and small investors in debentures.
DHFL: Possible merger, delisting — what next? A look at fresh developments amid rising speculation
The resolution plan for DHFL was approved by the RBI in February, and by Competition Commission of India (CCI) in April. Piramal’s offer got about 94% votes of the creditors. Rival bidders Oaktree and Adani Capital obtained 45% and 18%, respectively.
DHFL shares may get delisted after acquisition by Piramal
Shares of DHFL closed nearly 10 per cent higher at Rs 20.80 on the BSE on Monday.
DHFL lenders challenge NCLT order on considering Wadhawan's offer
An appeal challenging NCLT Mumbai bench's order has been filed before the National Company Law Appellate Tribunal (NCLAT) and is scheduled for hearing on Tuesday.
DHFL rises 5% as Wadhawan approaches RBI with revised offer
As per the revised proposal, Rs 12,000 crore will be repaid within a period of seven years in equal annual instalments, following a one-year moratorium with 11 per cent interest after two years of interest moratorium, IANS reported.
DHFL lenders to elect new owner by Jan 15
After two days of marathon meetings that ended on Friday evening, the lenders decided to put the proposals up for voting.
Creditors to discuss DHFL bids today
Voting is set to take place next week and the lenders are closeted in hectic discussions with lawyers on the voting process, seeking to avoid last-minute hiccups.
Oaktree seeks to insure DHFL offer with Alternative Investment Fund Plan
AIF is the regulatory term for pooled private investment vehicles like private equity and venture capital funds.
Piramal said to offer the highest bid for DHFL
Adani and Piramal submitted bids to acquire retail and institutional assets.
Piramal Housing Finance notifies CCI of proposed DHFL bid
The bid was pursuant to its submission to DHFL’s Committee of Creditors (CoC) in response to the ongoing corporate insolvency resolution process (CIRP) against the bankrupt housing financier, PCHFL said in its filing with the CCI.
PNB plunges 7% on reporting Rs 3,688.58 crore DHFL loans as fraud
Bank has already made provisions amounting to Rs 1,246.58 crore
Punjab National Bank declares its Rs 3,688 crore exposure to DHFL as fraud
The state-run lender said the company was being reported as a fraudulent account to the RBI.
Banks, PEs and NBFCs line up for DHFL's retail book
Fourteen entities is in talks with the administrator of bankrupt mortgage lender, adviser EY.
DHFL bankruptcy: Irdai rules out troubles for two insurance arms; asks insurers to write off exposure
DHFL Pramerica Life, launched in 2008, is a joint venture between DHFL Investments, a wholly-owned arm of DHFL, and Prudential International Insurance Holdings of the US, has Rs 4,675 crore assets under management. DHFL General Insurance, on the other hand, is a fully-owned subsidiary of Wadhawan Global Capital, the holding company of the HDFL Group.
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