DHFL defaults on payment of Rs 50 cr on bonds

New Delhi: Beleaguered firm DHFL has defaulted on payment of Rs 50 crore on bonds which was falling due on 3 July 2020. DHFL did not pay to the various investors of the secured non-convertible debentures (NCDs) for a principal amount of Rs 50 crore falling due on 3 July 2020.

However, the company said that is unable to make payments to the lenders as it is under moratorium since November 2019, DHFL said in a regulatory filing. Various payments to the lenders including to the NCD holders are in abeyance and will be subject to the final result of the insolvency process that DHFL is going through currently. 

DHFL fell under moratorium under the IBC last November. 

The board of the company was superseded by the RBI on 20 November 2019. RBI also filed an application for starting insolvency process against DHFL under the IBC 2016. On 3 December, National Company Law Tribunal started insolvency resolution process against DHFL.