DHFL FD holders move NCLT for clearing dues

By Ankur Mishra

Holders of Dewan Housing Finance Corporation (DHFL)’s fixed deposits (FDs) have filed a fresh petition at the National Company Law Tribunal (NCLT), Mumbai, seeking repayment of matured FDs held by senior citizens and critically ill people.

Depositors moved NCLT after the committee of creditors (CoC) refused any immediate relief to them.

The Supreme Court had earlier directed deposit holders to seek relief from CoC for their dues. FD holders have admitted claims of Rs 5,375 crore from DHFL. NCLT is set to hear petition on September 25.

Vaibhav Guliani, a practicing advocate in Supreme Court, who is representing FD holders in the matter, said that payment to fixed deposits shall be considered as a regular course of business by financial service provider.

“DHFL is in a going concern and depositors are not against continuation of its operations. Their only request is that there FDs should be dealt with as in regular course of business,” he said.

The representative of the FD holders had raised the issue of payment of matured deposits and in case of medical emergencies in a committee of creditors meeting on September 10. DHFL administrator R Subramaniakumar told authorised representative of FD holders that preference could not be given to one class of financial creditors.

FE had reported earlier that DHFL had extended deadline to submit bids to October 17 from September 16 earlier. The administrator informed CoC that 5 serious bidders were conducting due diligence for the company. DHFL had earlier shortlisted 22 applicants for the company. The troubled lender had given applicants the option to bid for the whole company or in parts. DHFL is undergoing insolvency proceedings at NCLT, Mumbai.