New Delhi: Home loan company Divan Housing Finance Limited (DHFL) has been in trouble for a long time. The promoter of the company, Kapil Wadhawan, is jailed because he could not repay the loan. Now Kapil Wadhawan has offered to pay the dues of the company’s lenders by selling personal and family properties. Wadhawan appointed Administrator R. R. on behalf of the Reserve Bank of India (RBI). In a letter written to Subramanyakumar on 17 October, he claimed that the value of these assets is more than Rs 43,000 crore.
Offer to transfer rights and shares for multiple projects
Wadhawan has said that the maximum value of these properties will be ensured by his offer. He has proposed to transfer the rights and holdings of several projects in the family’s real estate portfolio, so that DHFL’s debt will be easily settled. Also, the maximum value of the properties will also be achieved. The evaluation of these projects includes the Juhu Galli Project and the Irala Project. The letter states that even at the rate of 15% below market value, the value of these projects is Rs 43,879 crore.
’44 thousand crore liabilities have been paid from many properties’
DHFL promoter Wadhavan said that since the IL&FS Crisis of September 2018, several major non-banking financial companies (NBFCs), including DHFL, have faced a crisis. The company took several steps in the meantime and has repaid liabilities of around Rs 44,000 crore from various assets such as Aadhaar Housing Finance Limited, Avance Financial, DHFL Pramerica Asset Managers and DHFL Pramerica Trustee Limited.
In the letter of 9 pages said, the company is able to pay the debt
RBI issued a circular on 7 June 2019, after which the process of reconciling the debt and financial pressure of DHFL started. An Inter Creditors Agreement (ICA) was signed between banks and some lenders on 5 July 2019. The complainants who signed the ICA were to recover Rs 39,000 crore from the company. In a nine-page letter sent from Mumbai’s Taloja Jail, Wadhawan has said that DHFL is fully capable of paying lenders.
