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Have Rs 900-cr exposure to RBI-referred NCLT account, says HDFC

However, it said the account to which it has the exposure was not an NPA as of March 31, 2017

Abhijit Lele  |  Mumbai 

Have Rs 900-cr exposure to RBI-referred NCLT account, says HDFC

Housing Development Corporation (HDFC) on Tuesday said it has exposure of Rs 909 crore in one case referred by the (RBI) for resolution. The housing major did not name the account.

In a filing with the BSE, said the account to which it has the exposure was not a non-performing asset (NPA) as of March 31, 2017. Yet, as a prudent step it had made adequate provision against this exposure. At this stage, it does not have to make additional provision on this exposure for the quarter ended June 2017 (Q1FY18), said.

In June 2017, RBI’s internal advisory committee had identified 12 dud corporate loans for resolution. These are being referred by banks to the National Company Law Tribunal (NCLT) under the Bankruptcy and Code 2016. The total exposure of lenders to these 12 accounts are more than Rs 2 lakh crore.

Meanwhile, assigned loans amounting to Rs 2,458 crore to Bank in the quarter ended June 2017. This is pursuant to a buyback option in the agreement between the corporation and Bank. It had assigned loans worth Rs 3,296 crore in April-June 2016. It sold loans worth Rs 464 crore to another bank in Q1 FY18, against Rs 1,812 crore in the corresponding period of the last financial year.

First Published: Wed, July 05 2017. 02:07 IST
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