The notification detailed the manner of dealing with third-party assets, including securitised loan pools, by administrators for financial firms undergoing insolvency.
The promoter entity of Dewan Housing Finance (DHFL) has claimed Rs 2,500 crore from the company, the mortgage lender’s administrator has informed its creditors. The claim relates to the exercising of a put option by Wadhawan Global Capital (WGC) and was filed by Dheeraj Wadhawan on behalf of the group company.
The claim is under verification, administrator R Subramaniakumar said at the third meeting of DHFL’s committee of creditors (CoC) on Thursday, sources said.
The administrator has received total claims worth Rs 97,576 crore, of which claims worth Rs 86,374 crore have been verified. Of the rest, Rs 8,892 crore has been rejected and Rs 2,330 crore is under verification. Eighty-two non-depositor financial creditors have claimed Rs 87,031 crore, of which Rs 81,140 crore has been verified. Public depositors — 66,544 of them — have put in claims worth Rs 5,361 crore, of which Rs 5,207 crore has been verified.
Subramaniakumar also said the status of claims had undergone a change since the last meeting of the CoC, resulting in the rejection of claims worth Rs 4,792 crore. These claims pertained to receivables from securitisation transactions and towards which repayments have been initiated after the January 30 notification from the ministry of corporate affairs (MCA).
The notification detailed the manner of dealing with third-party assets, including securitised loan pools, by administrators for financial firms undergoing insolvency. As per the notification, the administrator is required to ensure that the receivables against securitised pools, once collected, are deposited in a separate account. They will also have to ensure transfer of the receivables in accordance with the terms of the relevant securitisation contracts.
Further, claims worth Rs 123 crore of the Rs 128 crore claimed by operational creditors are under verification. Of the claims undergoing verification, Rs 56 crore relate to claims where supporting documents have not been submitted yet and for which clarifications and relevant documents have been sought from the claimants. Four operational creditors whose claims aggregate to Rs 28.54 crore have submitted supporting documents, which are currently being verified.
Of the claims worth Rs 5,361 crore submitted by fixed deposit (FD) holders, those worth Rs 154 crore are under verification because of a difference between the amount recorded in DHFL’s books of accounts and that claimed by the FD holder(s).
A Rs 4,100-crore claim by Prudential International Insurance Holding has been rejected for lack of substantiation in the claim documents submitted by the entity. Moreover, the amount under verification relates to claims where the administrator has sought legal clarity.