Mortgage lender Dewan Housing Finance Corporation Ltd. (DHFL), which is facing a cash crunch and is negotiating with lenders for a debt recast, said that the company may not be able to meet immediate future payment obligations.
DHFL had prepared a draft resolution plan, which has been submitted to banks for their approval.
Most lenders have signed the inter-creditor agreement (ICA), as mandated by the Reserve Bank of India (RBI), to execute a resolution plan for the troubled firm.
“Given the ongoing discussions on the resolution plan with the lenders who have signed the ICA, the company believes that its payment obligations falling due in the immediate future may not be met as per their existing schedule,” the mortgage lender said in a communication to the exchanges.
