Delhi HC directs HDFC to keep ‘fraud’ categorisation in abeyance: RHFL

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Reliance Home Finance Ltd (RHFL) said the Delhi High Court has also extended the stay in relation to action by HDFC Bank, placing the company in the category of ‘Fraud’.

Referring to its regulatory filings on August 17, 2020 and November 24, 2020, RHFL said the Delhi High Court had directed Bank of Baroda, Punjab National Bank, State Bank of India, Federal Bank, Indian Bank and Bank of Maharashtra to keep in abeyance the placing of the company in the category of ‘Fraud’.

“The Delhi High Court has further extended the stay in relation to similar action by HDFC Bank,” says a late evening filing on December 30, 2020.

On December 28, 2020, RHFL, in a regulatory filing, said the lenders to the company forming part of the Inter Creditor Agreement (ICA), executed pursuant to the Reserve Bank of India’s circular (June 7, 2019) on Prudential Framework for Resolution of Stressed Assets, have extended the ICA period till March 31, 2021.

As per a disclosure made on December 18, 2020, RHFL’s total outstanding borrowings from banks/financial institutions stood at ₹4,159.73 crore. The current interest/accrued interest default (date of default: November 30, 2020) stood at about ₹30 crore, the company said.

The total financial indebtedness of the listed entity, including short-term and long-term debt, stood at ₹12,767 crore, the filing said.

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