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Property News #20: Adani Group and Piramal Enterprises, MahaRERA orders Sanjeevani Vyapar LLP, Shriram Housing looking at a 50-60% increase

Adani Group, Piramal Enterprises among four bidders for DHFL

The Adani Group and the Piramal Enterprises are among the four companies that have submitted bids for DHFL, the first insolvent financial services provider. Sources also noted that on 17 October, the last date of the presentation of final offers, the US-based Oaktree and SC Lowy from Hong Kong submitted bids for DHFL.

The Reserve Bank sent insolvency proceedings to the National Company Law Tribunal (NCLT) in November from the DHFL, the third-largest pure-play mortgage lender. 

DHFL was the first financial firm under section 227 to be referred to NCLT by the RBI. 

Before that, the board of directors of the company had been revoked and R. Subramaniakumar was appointed as the administrator. He is also the insolvency and bankruptcy code (IBC) resolution expert.

The bid value, Oaktree submitted the bid for the entire business was RS 20.000, as against the admitted liability of RS 95,000 crore, with Rs 10,000 crore in cash treated.   

According to sources, it would be a written off of Rs 65,000 crore to lenders controlled by State Bank of India (SBI), if Oaktree bids were to be approved.

According to a transaction record during FY07 to FY19, DHFL registered fraudulent transactions worth Rs 17,394 crore.

The diversion of funds by DHFL promoters resulted in lenders being listed as ‘fraud’. 

The forensic audit identified another fraudulent transaction of Rs 12,705.53.

In the underestimation of the insurance firm, the third fraud worth Rs 2.150.84 was detected.

MahaRERA orders Sanjeevani Vyapar LLP to refund buyer as project lacks CC

After the project did not obtain a BMC commencement certificate (CC), MahaRera recently ordered a builder’s reimbursement of Rs 8 lakh with 9% interest to the buyer.

The project consisted of a plot in Kanjurmarg requiring clearance from the Defence Ministry. Since MOD failed to agree, the BMC failed to provide the CC and the builder claimed that he would provide buyers with alternative housing in Airoli.

These grounds come under the refund provisions of the RERAAct in compliance with Section 18 for not continuing with the project. 

MahaRera pointed out that the reservation was subject to a loan given to the purchaser because there was no municipal project approval. Before the MahaRera, a complaint was lodged about the ‘Avante’ project in the central Mumbai suburbs of Hariyali, Kanjurmarg.

Shriram Housing looking at a 50-60% increase in loan disbursement in FY21

Mortgage loan company Shriram Housing Finance expects the loan disbursement to Rs 1,800 crores to rise by around 50-60 per cent during the current financial year. In the financial period of March 31, 2020, the company, which was promoted by Shriram City Union Finance, disbursed Rs 1,127 crore.

Due to the nationwide lockdown imposed to curb the spread of the coronavirus, the home financiers disbursed Rs 77.4 crore in the first quarter of the current fiscal year. This is 68.1 per cent less year-on-year. 

It invested approximately Rs 520 crore in the second quarter of FY21, 20% to 25% more than what it spends every quarter.

For more details, check out https://youtu.be/9WHXIQWTCOE, you can also reach out to me here or email – chenoyceil@gmail.com.

Bengali Property News#20। Advocate Chenoy Ceil |Adani Group & Piramal Enterprise। MahaRERA Orders

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