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finance | IST

RBI files insolvency application against DHFL at Mumbai NCLT

The Reserve Bank of India (RBI) on Friday filed insolvency application against crisis-hit Dewan Housing Finance Corporation Ltd (DHFL) at Mumbai National Company Law Tribunal (NCLT).

The Reserve Bank of India (RBI) on Friday filed insolvency application against crisis-hit Dewan Housing Finance Corporation Ltd (DHFL) at Mumbai National Company Law Tribunal (NCLT) under Section 227 of the Insolvency and Bankruptcy Code (IBC), sources privy to the developments told CNBC-TV18.
According to multiple people familiar with the development, RBI has filed the application in NCLT on the basis of State Bank of India's (SBI) report on DHFL default.
Also, the apex bank has sought the appointment of R Subramaniakumar as the Insolvency Resolution Professional for the company. On November 20, the RBI superseded the board of DHFL and appointed R Subramaniakumar, former managing director and chief executive officer of Indian Overseas Bank as the new administrator.
The central bank also said there will an interim moratorium on the lender between the date of filing of the bankruptcy application and its admission or rejection.
DHFL owes over Rs 38,000 crore to banks alone and has over Rs 85,000 crore liabilities in total which it owes to banks, mutual funds, pension funds, National Housing Bank, depositors and others.