Bombay HC adjourns mutual funds versus DHFL case till December 2

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Published: November 29, 2019 1:21:35 AM

The counsel for DHFL on Thursday sought more time. “Reserve Bank of India (RBI) has already appointed an administrator in the DHFL case along with a three-member committee.

DHFL case, Bombay High Court, Reserve Bank of India, NCLT, mutual funds, State Bank of India, Union Bank of IndiaEdelweiss Asset Management Company, Kotak Mahindra AMC, Axis Asset Management and Reliance Nippon Life AMC had separately moved the Bombay HC seeking a direction to DHFL to disclose all its assets and liabilities.

The Bombay High Court (HC) on Thursday adjourned the hearing on the pleas filed by mutual funds (MFs) against Dewan Housing Finance Corporation (DHFL) till December 2. Edelweiss Asset Management Company, Kotak Mahindra AMC, Axis Asset Management and Reliance Nippon Life AMC had separately moved the Bombay HC seeking a direction to DHFL to disclose all its assets and liabilities.

The counsel for DHFL on Thursday sought more time. “Reserve Bank of India (RBI) has already appointed an administrator in the DHFL case along with a three-member committee. The insolvency proceedings may start at the National Company Law Tribunal (NCLT) after the RBI direction,” the beleaguered financier’s counsel told the court.
On September 28, Reliance AMC had moved the court seeking to recover dues worth Rs 478 crore from DHFL. In October, Edelweiss had moved the Bombay HC seeking to recover dues worth Rs 70 crore from the NBFC.

In response to these pleas, the court had passed ad-interim orders restricting DHFL from making payments or disbursements to any secured or unsecured creditors until further orders. On November 5, in response to pleas made by multiple banks including State Bank of India and Union Bank of India, the court had lifted the restriction on making payments to banks and non-banking financing companies (NBFCs). The court had also allowed banks and NBFCs to be part of the main petition filed by mutual funds.

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