The resolution plan of debt-laden shadow lender Dewan Housing Finance Corporation Ltd (DHFL) has hit a roadblock after the custodian of DHFL bonds said that it is taking the firm to bankruptcy court on behalf of certain debenture holders. On 16th October the application was filled in the Mumbai Debts Recovery Tribunals to claim Rs 2861 crore ($3.8 billion), also said.
DHFL also owes money to about 87000 bondholders. The lenders are currently working on a resolution plan but the majority of its bondholder declined last month to be a party to plan. The proposed plan involves the conversion of debt into equity for lenders and also includes giving them a stake of 51 per cent. Also, DHFL filed the audited delayed for the quarter ended 30th June which was showed posted a net loss of Rs 206 crore in the quarter compared with a profit of Rs 435 crore earlier in the same period.
On Thursday, DHFL also filed delayed audited results for the quarter ended June 30 which showed it posted a net loss of Rs 206 crore in the quarter compared with a profit of Rs 435 crore in the same period a year earlier.
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