Bombay High Court Allows Edelweiss Asset Management Company’s Petition Seeking Disclosure Of All DHFL Assets
[ By Bobby Anthony ]The Bombay High Court has allowed Edelweiss Asset Management Company’s petition seeking disclosure of all assets and liabilities of Dewan Housing Finance Corporation Ltd (DHFL), which has been given four weeks to file its reply.The court has also extended the injunction on DHFL from making repayments to either secured or unsecured lenders, until further order.The...
The Bombay High Court has allowed Edelweiss Asset Management Company’s petition seeking disclosure of all assets and liabilities of Dewan Housing Finance Corporation Ltd (DHFL), which has been given four weeks to file its reply.
The court has also extended the injunction on DHFL from making repayments to either secured or unsecured lenders, until further order.
The decision came after the court heard petitions filed by both Nippon India Mutual Fund and Edelweiss in the matter pertaining to DHFL dues.
In a recent clarification to the Bombay Stock Exchange (BSE), Edelweiss Financial Services had stated that its subsidiary Edelweiss Asset Management had approached the Bombay High Court to recover principal amount and interest dues from DHFL.
Earlier, Edelweiss Asset Management Company had approached the Bombay High Court to recover its dues of around Rs 70 crore from DHFL.
Edelweiss had sought the appointment of a court receiver and disclosure of all DHFL assets. It has also sought an injunction against paying any unsecured lender.
Edelweiss’s counsel stated that it has sought an injunction against from paying any unsecured lender. This is because DHFL used hypothecated receivables, which were in favor of Edelweiss and liquidated them in order to pay unsecured creditors.