As many as 454 claims worth Rs 119 crore was sent to the RBI appointed administrator R Subramaniakumar
Dewan Housing Finance’s (DHFL) operational creditors reportedly range from Rothschild to nukkad tea vendors.
The operational creditors, diverse as they are, claim unpaid dues from DHFL, which kicked off the finance sector wobble. As many as 454 claims worth Rs 119 crore was sent to the RBI-appointed administrator R Subramaniakumar, the Mint reported.
Moneycontrol could not independently verify the report.
The largest among these claims is for Rs 29.5 crore by audit firm Pathak HD & Associates while the smallest is for Rs 240 by Yuvraj Phool Bhandar (Yuvraj Florist).
The other creditors include investment bank Rothschild & Company India, packaged drinking water suppliers Shree Enterprises (Rs 5,580 claim), Fresh Water Service (Rs 3,408 claim), and 21 tea and one coffee joint who jointly claim a little below Rs 1 lakh.
The document list is verifiable with the list on DHFL’s website, the paper noted.
All creditor have listed their claims as per the Insolvency and Bankruptcy Code, 2016 (IBC) as the company is facing National Company Law Tribunal (NCLT) proceedings. It was the first non-banking financial company (NBFC) referred under new rules notified in November 2019.
Experts were divided on how much the corporate insolvency resolution process (CIRP) gives small businesses a fighting chance to regain their investments.
A senior resolution professional RP Sutanu Sinha said the company's RP would tally documents submitted by operational creditors’ documents against company records. If both match, the claim is upheld. Genuine bills are also proof of admission, Sinha told the paper.
For example, the paper pointed out that Bengaluru-based Ruralshores Business Services’ claim was partially admitted – Rs 1.32 lakh passed against Rs 13.32 lakh, with the rest under verification.
Nirmal Gangwal, Founder-CEO, Brescon and Allied Partners LLP, told the paper small companies and roadside establishments lack “professional engagement required to pursue their claims”. He added that the government should ensure their interests are honoured.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
