Home >Industry >Banking >Depositors to get a voice in DHFL resolution plan
DHFL has repaid close to  ₹40,000 crore of its financial obligations since September.
DHFL has repaid close to 40,000 crore of its financial obligations since September.

Depositors to get a voice in DHFL resolution plan

  • The authorised representative will represent depositors in CoC meetings and ensure that their views are communicated
  • Subramaniakumar has uploaded on DHFL’s website, a detailed guideline for deposit holders

Mumbai: Things have finally started moving for depositors of Dewan Housing Finance Corp Ltd (DHFL) with the Reserve Bank of India (RBI) appointed administrator seeking claims from all creditors, including depositors by 17 December.

The administrator said depositors will have to indicate their choice of authorised representative from among the three insolvency professionals named in the notice to act as their authorised representative. The three insolvency resolution professionals listed in the notice are Charu Sandeep Desai, Deepak Kumar and Pravin Navandar.

The authorised representative will represent depositors in the meetings of the committee of creditors (CoC) and ensure that their views are communicated. The representative will also facilitate voting by depositors at these meetings

According to administrator R. Subramaniakumar, the insolvency resolution process is expected to be completed within 180 days from the start of the process or by 31 May, 2020.

“Notice is hereby given that the National Company Law Tribunal has ordered the commencement of a corporate insolvency resolution process of DHFL on 3 December, 2019. The creditors of DHFL, are hereby called upon to submit their claims with proof on or before 17 December, 2019 to the administrator," it said.

Subramaniakumar has also uploaded on DHFL’s website, a detailed guideline for deposit holders. According to the guidelines, a depositor’s claim form should be duly signed at three places; if the depositor holds multiple deposits, only one claim form needs to be submitted with details of all deposits held by the customer.

Moreover, along with the claim form, a copy of the fixed deposit certificate, a copy of identification proof (PAN card or Aadhaar card), a cancelled cheque should be submitted. Depositors must also submit a copy of death certificate in case the first depositor has passed away along with affidavit stating the relation of the person submitting the form with the first deposit holder. The claim form needs to be scanned, along with the other supporting documents, and emailed to DHFLAdministrator@dhfl.com.

As on 6 July, the company had public deposits of 6,188 crore, which fell from 10,166.72 crore at the end of March 2018. On 21 May, DHFL stopped accepting public deposits and renewals of existing deposits. It also stopped premature withdrawals of existing deposits to “help reorganize its liability management".

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