DHFL BANKRUPTCY CASE
PMLA court discharges DHFL, grants immunity under IBC after change in management
In a landmark decision, a Mumbai special court has granted DHFL relief from a money-laundering accusation, citing its immunity under the Insolvency and Bankruptcy Code. This ruling comes in the wake of the approval of DHFL's resolution plan and a shift in leadership, with Piramal Capital and Housing Finance now steering the company.
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.
NFRA bans two auditors for up to 10 years for lapses in DHFL’s FY18 audits
In two separate orders, made public on Wednesday, the regulator has banned Jignesh Mehta for taking up audits for 10 years and Amit Vinay Chaturvedi for five years. A penalty of Rs 5 lakh has also been imposed on each of them. These are among the severest punishments, extended by the NFRA, to scores of DHFL auditors in various cases of misconduct.
CIRP initiated in cases of DHFL, ABG Shipyard, Bhushan Power & Steel
Corporate insolvency resolution process (CIRP) was initiated in the cases of DHFL, ABG Shipyard and Bhushan Power and Steel (BPSL), and resolution plans were approved in cases of DHFL and BPSL, with amount realisable to creditors of Rs 37,167 crore and Rs 19,895 crore, respectively.
Piramal Capital initiates sale of Rs 5,500 cr DHFL bad loan portfolio
Piramal has asked interested bidders to submit expressions of interest where the offer amount is a mark-up of at least 10% to the base offer of ₹2,550 crore. The bids can be made in all cash basis or cash-plus-security receipts basis, where 15% of the bid amount will be paid in cash and the remaining in security receipts. Security receipts are quasi debt instruments, which are redeemed when the ARC recovers the underlying debt.
DHFL scam: Dheeraj Wadhawan may have to face personal insolvency action
Experts said that Dheeraj Wadhawan's likely insolvency would be among the handful of high-profile personal bankruptcy cases, such as that against Anil Ambani, to reach the NCLT. The outcome in this case would have a bearing on the personal insolvency proceedings against Anil Ambani, the former promoter of Reliance Communications and Reliance Capital. It will be closely watched as the judgment could decide the fates of several other defaulting promoters, too.
- Go To Page 1
Bombay HC allows DHFL’s plea to discharge its name from the CBI investigation
The Bombay High Court has allowed the petition filed by Dewan Housing Finance Ltd (DHFL) to discharge its name and drop proceedings against it in an ongoing investigation by the Central Bureau of Investigation (CBI).
Piramal completes acquisition of DHFL for Rs 34,250 crore, biggest resolution in value terms
Lenders led by State Bank of India (SBI) are set to log recoveries of ?37,400 crore this week, as Piramal Capital and Housing Finance's (PCHF) acquisition of Dewan Housing Finance (DHFL) should be completed this month itself, multiple people aware of the deal told ET.
ED attaches assets of DHFL's Wadhawans
The assets attached on Tuesday are in the form of investments made by the brothers through WGC-UK in UK-based companies, the agency said in a press release.
DHFL-UPPCL fraud case: ED provisionally attaches assets worth Rs 578 crores
Earlier in June, Piramal Capital and Housing Finance Ltd received a bankruptcy court’s approval to acquire DHFL for Rs.37,250 crore, but with a few conditions.
Kapil Wadhawan opposes DHFL’s plea to discharge company from case
On Monday, Wadhawan, through his lawyers, argued in the Bombay High Court that the scheme mentioned in the Insolvency and Bankruptcy Code (IBC) provided for a mechanism and checklist which was required to be completed before it could be said that the successful resolution applicant had taken over the insolvent company.
DHFL approaches Bombay HC to discharge name from CBI prosecution
The company has challenged a special Central Bureau of Investigation (CBI) court order of August 20, which had given partial relief by discharging the interim monitoring committee but had rejected DHFL’s prayer to discharge it from the case.
Govt considers operational changes in IBC following expert panel recommendations
The Indian Institute of Insolvency Professional of ICAI (IIIPI), which constituted a study group, has recommended greater adoption of digital modes, such as holding virtual meetings of courts and CoC (committee of creditors) and deploying AI (Artificial Intelligence), even after eventual restoration of normality due to the time-saving benefits of digital technology.
IBC review likely to keep promoters out
The government will examine the Insolvency and Bankruptcy Code (IBC) to stop defaulting promoters from wresting back control of companies by exploiting apparent loopholes.
DHFL lenders, RBI administrator file applications at NCLAT against Kapil Wadhawan's offer
Piramal Group, which was the successful bidder to own the indebted home financier is contemplating a legal action against the NCLT’s order that sought consideration of a settlement proposal by Kapil Wadhawan. Lenders felt the erstwhile promoter never participated in the process and only came up with porous proposals via a letter, sent well beyond the stipulated period of bidding process.
DHFL Case: Grant Thornton report flags fraudulent transactions of Rs 1,058 crore
The company, which is now being run under an administrator, had engaged Grant Thornton earlier this year to conduct an investigation into the affairs of the mortgage lender.
SC Lowy looks to pull out from DHFL bidding process
Hong Kong-based SC Lowy informed the committee of creditors and the RBI-appointed administrator of DHFL that it would not pursue the transaction and sought a refund of the ₹100 crore “earnest deposit money” or bid bond guarantee it had submitted earlier.
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.
DHFL promoters gave personal guarantees to Rs 80,000-crore loans
A DHFL spokesperson declined comment on the guarantees given by the promoters.
DHFL promoters gave personal guarantees to Rs. 80,000-cr Loans
DHFL became the first financial services company on Monday to be admitted to the bankruptcy courts after the rules were changed last month. The Reserve Bank of India has already superseded the board and appointed an administrator.
Lenders meet RBI, mull 4-month programme to resolve DHFL Case
Banks have proposed a four-month programme to resolve the Dewan Housing Finance (DHFL) case, the biggest bankruptcy case in the financial services sector after the Insolvency and Bankruptcy Code.
Work is on to amend IBC to address cross-border insolvency: M S Sahoo
"There is proposal to amend the IBC to provide for such cases like cross border insolvency," the IBBI chief said.
After forensic audit report, mutual funds plan to go after DHFL promoters
These institutional lenders want Wadhawans, the promoter group, to arrange funds in the light of the findings of the forensic audit conducted by a Big4 firm. The MFs will soon raise the issue in the three-member committee formed by the Reserve Bank of India (RBI) to help the administrator in recovering about Rs 84,000 crore that DHFL owes to the system.
Mutual funds will join DHFL resolution process: Sebi chief
Amid the crisis at DHFL, RBI on Wednesday superseded the board of the company.
RBI takes control of DHFL board over governance issues
DHFL has become the first nonbank lender to be sent to the NCLT under the Insolvency and Bankruptcy Code (IBC).
Lenders may ask RBI to refer DHFL to insolvency
A referral to the NCLT, which will happen after the RBI informs the government and a notification is issued, will help ease DHFL’s troubles that began in September 2018 with the credit crunch caused by the collapse of IL&FS.
DHFL stares at insolvency proceedings
The government notified the Insolvency and Bankruptcy Rules, 2019, to provide a generic framework for insolvency and liquidation proceedings of systemically important financial service providers, other than banks.
DHFL stares at insolvency proceedings
In the case of DHFL, bankers want mutual funds on board to ensure that no entity takes a unilateral decision.
New IBC rules to cover financial service providers
The corporate affairs ministry has notified the Insolvency and Bankruptcy Rules, 2019. It will provide a generic framework for insolvency and liquidation proceedings of systemically important Financial Service Providers (FSPs) other than banks, an official statement said.
Load More
