NCD, FD holders in DHFL may have to take Rs 50,000 cr haircut: 63 Moons
New Delhi: Brokerage house 63 Moons Technologies Ltd, which has lent Rs 200 crore to DHFL, has asked other FD and NCD holders to recover Rs 30,000 crore from the beleaguered home financier in resolution process separately.
63 Moons technologies has said that if banks settle with 37-40 percent recovery from DHFL, which is undergoing insolvency process, and take the rest of the money by invoking personal guarantees of ex-promoters, then the FD and NCD holders will have to take a massive 60 percent haircut of their principle amount. This will be contrary to law.
If the FD and NCD holders do not ask for separate refund from the recovery process, they will suffer a loss of Rs 50,000 crore. This is because under the present insolvency rules, lenders have first right over their exposure, according to 63 Mooons Technologies.
The holders of instruments like FD and NCD have the biggest exposure to DHFL at Rs 45,000 crore. It is followed by banks at Rs 35,000 crore.
"We want NCLT to issue orders that recovery of the siphoned money should go to all creditors, including banks, NCD and FD holders and all other and not the new buyer of DHFL," 63 Moons said in a statement.