DHFL’s lenders are seeing its Rs 85,000-89,000 core asset book in three buckets, according to the people aware of the matter.

Of the Rs 85,000 crore of loans, about Rs 35,000 crore of retail assets are seen to be standard and good. Rs 15,000 crore of heavy mortgage loans are seen to be standard with a little bit of restructuring. However, it is Rs 35,000 crore between Cobrapost and SRA which are seen bad or require deep moratorium.

Although the company says that its resolution plan requires no haircut on the principal, lenders believe that they will have to take at least 30 percent haircut in various ways.

Mutual funds and others are also required to be on-board. Mutual funds want the Securities and Exchange Board of India (Sebi) to clearly give them permission to participate like Insurance Regulatory and Development Authority (IRDA) gave to the insurance companies. Some are also contemplating taking DHFL to court over dues.

However, mutual funds' participation remains a question mark until Sebi gives its nod.