INSUBCONTINENT EXCLUSIVE:
it defaulted on its financial repayment obligations worth Rs 1,571 crore with regard to the issuance of bonds and commercial papers.The
defaults are related to three cases with regard to interest payment on non-convertible debentures (NCDs) and commercial papers (CPs), the
company said in a statement.DHFL defaulted on Rs 46.92 crore towards interest amount on secured NCDs (9.92 per cent and 9.4 per cent per 10
year tenor), on NCDs issued through a public issue for multiple tenors of amount involving the interest of Rs 363.77 crore and the principal
amount of Rs 1,059.91 crore.A default of Rs 100 crore occurred on CPs as well.DHFL is the fourth-largest Indian housing finance company
based on loans outstanding as of March
It has been facing a liquidity crisis since September 2018 but has paid over Rs 41,000 crore towards discharging its financial
obligations.The housing finance company has faced multiple rating downgrades in recent months
DHFL says it has been working towards resolving its liquidity crisis in a comprehensive and timely manner.As a step towards resolution, it
has formulated a draft resolution plan as required under the Reserve Bank of India's June 7 Prudential Framework for Resolution of
Stressed Assets which has been submitted to the lenders.Earlier this month, the special committee of lenders approved a draft resolution
plan which DHFL formulated in consultation with financial adviser Ernst - Young.Get Breaking news, live coverage, and Latest News from India
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