Debt-laden Dewan Housing Finance Corp. Ltd. proposed to apply a moratorium on repayments, seek funding from banks and National Housing Bank and make no haircuts to the principal amount of loans of its creditors as part of its resolution plan.
The company said the resolution plan also includes taking steps to address the asset-liability mismatch and seeking funding from banks and National Housing Bank for starting retail funding activity. The company developed the plan in consultation with the special committee for the resolution plan and financial adviser Ernst & Young, according to an Aug. 6 filing.
Dewan Housing Finance reportedly has about 1 trillion Indian rupees of debt, including 380 billion rupees owed to banks.
In a same-day filing, Dewan Housing Finance said Deloitte Haskins & Sells LLP resigned as its statutory auditor, effective immediately. The company added that it was in talks with reputed audit firms for appointment as statutory auditors.
As of Aug. 5, US$1 was equivalent to 70.84 Indian rupees.