DHFL Board of Directors dissolved
Indian Overseas Bank has appointed former MD R Subramaniyakumar as the Administrator of the company. The RBI has announced that the DHFL Bankruptcy Plan will begin soon in the National Company Law Tribunal (NCLT).
The central government on Tuesday decided to give the NBCLT the authority to propose remedial measures under the Insolvency Act (IBC) of troubled non-banking financial institutions (NBFCs) with assets worth Rs 500 crore and above. The RBI immediately began exercising its powers in the matter of DHFL. DHFL is the first NBFC / HFC to go bankruptcy proceedings. DHFL was started by Rajesh Kumar Wadhwan in 1984. It is aimed at lending housing to the lower and middle classes.
Quick Review:
What: Diwan Housing Finance Corporation (DHFL) cancels Board of Directors
When: November 21st
Who: Reserve Bank of India (RBI)
Why: Because they are embroiled in a serious debt crisis
The central government on Tuesday decided to give the NBCLT the authority to propose remedial measures under the Insolvency Act (IBC) of troubled non-banking financial institutions (NBFCs) with assets worth Rs 500 crore and above. The RBI immediately began exercising its powers in the matter of DHFL. DHFL is the first NBFC / HFC to go bankruptcy proceedings. DHFL was started by Rajesh Kumar Wadhwan in 1984. It is aimed at lending housing to the lower and middle classes.
Quick Review:
What: Diwan Housing Finance Corporation (DHFL) cancels Board of Directors
When: November 21st
Who: Reserve Bank of India (RBI)
Why: Because they are embroiled in a serious debt crisis
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