Millennium Post

DHFL insolvency: RBI retains its 3-member advisory panel

Mumbai: The Reserve Bank has retained the three-member advisory committee it had appointed last month to assist the administrator of the crippled mortgage lender Dewan Housing Finance (DHFL), which is facing insolvency proceedings.

On November 22, the central bank had constituted a three-member advisory committee, comprising IDFC First Bank non-executive chairman Rajiv Lall, ICICI Prudential Life managing director NS Kannan and the chief executive of the Association of Mutual Funds in India NS Venkatesh to assist the DHFL administrator R Subramaniakumar.

Subramaniakumar is a former head of Indian Overseas Bank and the RBI had recommended his name as the resolution professional, which was approved by NCLT on Tuesday.

"Upon admission of the petition for insolvency resolution process by NCLT in respect of DHFL on December 3, we have decided that the above mentioned three-member committee shall continue as the advisory committee," the central bank said in a statement.

The committee will advise the administrator in the operations of DHFL during the insolvency resolution process, it added.

Meanwhile, DHFL in a filing to exchanges said the administrator has appointed Sunil Kumar Bansal as the chief financial officer with immediate effect.

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