The resolution plans of debt-laden shadow lender Dewan Housing Finance Corporation Ltd (DHFL) have hit a roadblock after the custodian of DHFL bonds said on Thursday it is taking the firm to bankruptcy court on behalf of certain debenture holders. The application was filed on Oct 16 in the Mumbai Debts Recovery Tribunal to claim ₹26,861 crore ($3.8 billion), it said. Apart from banks, DHFL also owes money to about 87,000 bondholders. The lenders are currently working on a resolution plan but the majority of its bondholders declined last month to be a party to that plan. The auditors also said that they could not get sufficient evidence to support the value of certain loans and added that they were unable to comment if certain loans had been properly secured.

Source: Mint October 17, 2019 20:03 UTC