The third-largest pure play mortgage player is the first non-banking financial company or housing finance company to face the corporate insolvency resolution process. The Mumbai bench of the National Company Law Tribunal (NCLT) had admitted the company for insolvency resolution on December 2 and appointed Indian Overseas Bank former managing director and CEO R. Subramaniakumar as the company's administrator. “Since the resolution professional (administrator) has now been appointed, he is meeting all the creditors and will discuss the way forward for resolution of the company,” a source said. The NCLT order had also noted that the company has an outstanding unsecured loan of Rs 18,882 crore as of March 31, 2018. Citing governance issues and severe liquidity crisis, the regulator on November 20 superseded the board of DHFL.

Source: The Telegraph December 29, 2019 18:45 UTC