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Creditors of cash-strapped DHFL claim dues worth Rs 87,905.6 crore

Creditors to Dewan Housing Finance (DHFL) have claimed a total of Rs 87,905.6 crore in dues, according to the administrator appointed for the bankrupt company.
Meanwhile, the lenders of DHFL, in the first committee of creditors (CoC) meeting held on Monday, appointed R Subramaniakumar the resolution professional or administrator for the entire insolvency process. Also, the lenders have expressed an initial desire to segregate the loan portfolio of the mortgage lender into retail, wholesale and SRA loans and invite expression of interest from investors separately for all three categories, sources aware of the development said. The appointment of valuers will be done in the next CoC meeting, sources said.

Of the total, the financial creditors — banks, bond holders and other financial institutions — have claimed Rs 86,892 crore. Of these, Rs 80,979.8 crore of claims have been admitted by the administrator. Bond holders have claimed Rs 45,550 crore; banks and other financial institutions have claimed Rs 41,342 crore.
The operational creditors have given a sum of Rs 60.76 crore in claims but none of these have been admitted so far, being under verification.
Also, the employees of DHFL have claims worth a little over Rs 2 crore, of which Rs 1.81 crore has been admitted and Rs 19.3 lakh is under verification.
Separately, there are claims from four real estate companies worth Rs 950.5 crore, all being verified.
Among the financial creditors, State Bank of India has exposure of Rs 10,082.9 crore, of which Rs 7,131 crore has been admitted and the rest is under verification. Bank of India, Canara Bank, Union Bank of India, Syndicate Bank and Bank of Baroda have significant claims.
The committee of creditors met on Monday; running the company as a going concern and updates on the insolvency resolution were to be discussed.
DHFL is the first financial services company undergoing bankruptcy proceedings at the National Company Law Tribunal after the central government notified the financial services insolvency law on November 15. The Reserve Bank then referred it to the tribunal, having superseded the board of directors on November 20 and appointing R Subramaniakumar — former managing director (MD) of Indian Overseas Bank — the administrator.
It also appointed a three-member committee to assist the administrator. Comprising IDFC First Bank non-executive chairman Rajiv Lall; the MD of ICICI Prudential Life Insurance, N S Kannan; and Association of Mutual Funds in India chief executive N S Venkatesh.

Source: Business Standard