Last Friday, the government had notified Section 227 of the IBC empowering the RBI to refer financial sector players like NBFCs and HFCs, but excluding banks, with assets worth of at least Rs 500 crore to insolvency courts.
As of July 2019, the beleaguered home financier owes Rs 83,873 crore to banks, the National Housing Board, mutual funds and bondholders/retail bondholders. Of this secured debt is Rs 74,054 crore and Rs 9,818 crore is unsecured.
SBI is one of the lenders to DHFL. Most banks
have or are going to declare DHFL account as NPA in the third quarter.
DHFL lenders were working on a resolution plan to pick up 51 per cent in the company by converting a part of their debt into equity. But the plan was yet to be formally cleared.
Talking about the decision of the Union Cabinet for the telecom sector, Kumar said this is a very important sector for the economy.
It is important that the sector is healthy, he added.
The government on Wednesday doled out a Rs 42,000 crore relief to debt-laden telecom companies after it agreed not to take any payments for spectrum they use for the next two years.