The Corporate Insolvency
Resolution Process (CIRP) was initiated against the debt-ridden company as per
the provisions of the Insolvency and Bankruptcy Code, 2016 with effect from
December 3, 2019.
Dewan Housing Finance Corporation (DHFL) on Tuesday said it will not make any interest or principal payment to lenders as well as bond holders as the company is under resolution process.
The Corporate
Insolvency Resolution Process (CIRP) was initiated against the debt-ridden
company as per the provisions of the Insolvency and Bankruptcy Code, 2016 with
effect from December 3, 2019.
DHFL said all the rated
debt papers of the company are carrying default grade ratings and disclosures
on the same have been made to the exchanges.
The creditors of the
company were duly informed about commencement of the CIRP and were requested to
submit their claims to the company in the prescribed manner as per the
provisions of the Code.
The amounts to be received
towards the dues by the creditors will be based on a resolution plan to be
approved in due course by the NCLT, Mumbai, DHFL said in a regulatory filing.
The non-banking finance
company (NBFC) further said that it is under moratorium and dues to lenders and
bond holders will remain in abeyance until the CRIP is completed.
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