A consortium of lenders headed by State Bank of India is looking at options to initiate a resolution plan for Dewan Housing Finance Limited (DHFL) under the new stressed assets resolution framework of the RBI, sources aware of the deliberations told CNBC-TV18.

On June 4, DHFL missed its deadline to make Rs 1,150 crore payment to its bondholders, which it repaid after a gap of seven days and then again failed to make Rs 225 crore payment of unsecured commercial paper payment which was due on June 25.

Sources told CNBC-TV18 that banks are mulling several routes for restructuring, including conversion of debt into equity under the new RBI June 7 circular.

Another option is to take over some of DHFL’s assets under the Direct Assignment norms of the RBI, which will allow banks to take charge of DHFL’s assets and also reduce their exposure to the mortgage lender.

However, first, all of its lenders would have to sign the Inter-Creditor Agreement or the ICA under which the resolution plan can be executed, sources familiar with the matter said.

According to a Morgan Stanley report dated June 5, DHFL had a total debt of Rs 1,06,320 crore, which included bank loans to the tune of Rs 38,230 crore. State Bank of India, with Rs 8,800 crore of exposure is the highest lender, followed by Bank of Baroda with Rs 4,490 crore exposure, Bank of India Rs 3,560 crore exposure, Union Bank of India with Rs 2,510 crore, Canara Bank with Rs 2,400 crore and so on, the same report showed.

DHFL was expected to report its fourth-quarter earnings for FY19 on June 29, but it informed exchanges that the company will defer the announcement of its earnings to July 13 now.

"In light of certain unforeseen operational engagements including non availability of a few directors to ensure participation of all the members of the Audit Committee as well as the board for taking into consideration and approval of the financial results for the fourth quarter, the date of the board meeting, is being postponed to July 13, 2019," the company said in the regulatory filing.

First Published:Jun 28, 2019 2:37 PM IST