{"id":222749,"date":"2019-12-02T16:30:38","date_gmt":"2019-12-02T11:00:38","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=222749"},"modified":"2019-12-02T15:35:54","modified_gmt":"2019-12-02T10:05:54","slug":"application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/02\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\/","title":{"rendered":"Application for initiation of corporate insolvency resolution process against DHFL filed under\u00a0Insolvency and Bankruptcy Code, 2016"},"content":{"rendered":"<p style=\"text-align: justify;\">The Reserve Bank filed an application for initiation of corporate insolvency resolution process against <strong>Dewan Housing Finance Corporation Limited (DHFL)<\/strong> under Section 227 read with clause (zk) of sub-section (2) of Section 239 of the Insolvency and Bankruptcy Code (IBC), 2016 read with Rules 5 and 6 of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudication Authority) Rules, 2019 (\u201c<span class=\"head\">FSP Insolvency Rules<\/span>\u201d).<\/p>\n<p style=\"text-align: justify;\">As per Rule 5 (b) (i) of the FSP Insolvency Rules, an interim moratorium shall commence on and from the date of filing of the application till its admission or rejection. The explanation to Rule 5 (b) provides that \u201cinterim moratorium\u201d shall have the effect of the provisions of sub-sections (1), (2) and (3) of Section 14. Sub-sections (1), (2) and (3) of Section 14 of the IBC have been reproduced below:<\/p>\n<p style=\"text-align: justify;\">\u201c(1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely:<\/p>\n<p style=\"text-align: justify;\">(a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority;<\/p>\n<p style=\"text-align: justify;\">(b) transferring, encumbering, alienating or disposing off by the corporate debtor any of its assets or any legal right or beneficial interest therein;<\/p>\n<p style=\"text-align: justify;\">(c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002);<\/p>\n<p style=\"text-align: justify;\">(d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor.<\/p>\n<p style=\"text-align: justify;\">(2) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period.<\/p>\n<p style=\"text-align: justify;\">(3) The provisions of sub-section (1) shall not apply to \u2014<\/p>\n<p style=\"text-align: justify;\">(a) such transaction as may be notified by the Central Government in consultation with any financial regulator;<\/p>\n<p style=\"text-align: justify;\">(b) a surety in a contract of guarantee to a corporate debtor.<\/p>\n<hr \/>\n<p><strong>Reserve Bank of India<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Press Release dt. 29-11-2019]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank filed an application for initiation of corporate insolvency resolution process against Dewan Housing Finance Corporation Limited (DHFL) under Section <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8051,2],"tags":[22814,38626,31387,22074,38625],"class_list":["post-222749","post","type-post","status-publish","format-standard","hentry","category-business_news","category-news","tag-corporate-insolvency-resolution-process","tag-dewan-housing-finance-corporation-limited","tag-insolvency-and-bankruptcy-code-2016","tag-moratorium","tag-section-14-of-ibc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Application for initiation of corporate insolvency resolution process against DHFL filed under\u00a0Insolvency and Bankruptcy Code, 2016 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/02\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Application for initiation of corporate insolvency resolution process against DHFL filed under\u00a0Insolvency and Bankruptcy Code, 2016\" \/>\n<meta property=\"og:description\" content=\"The Reserve Bank filed an application for initiation of corporate insolvency resolution process against Dewan Housing Finance Corporation Limited (DHFL) under Section\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/02\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-02T11:00:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/07\/reserve-bank-of-india-rbi-.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1330\" \/>\n\t<meta property=\"og:image:height\" content=\"887\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bhumika Indulia\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bhumika Indulia\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2019\\\/12\\\/02\\\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2019\\\/12\\\/02\\\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\\\/\"},\"author\":{\"name\":\"Bhumika Indulia\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/919ec47cc1b871b362af05740398033a\"},\"headline\":\"Application for initiation of corporate insolvency resolution process against DHFL filed under\u00a0Insolvency and Bankruptcy Code, 2016\",\"datePublished\":\"2019-12-02T11:00:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2019\\\/12\\\/02\\\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\\\/\"},\"wordCount\":361,\"commentCount\":0,\"keywords\":[\"corporate insolvency resolution process\",\"Dewan Housing Finance Corporation Limited\",\"Insolvency and Bankruptcy Code 2016\",\"Moratorium\",\"Section 14 of IBC\"],\"articleSection\":[\"Business News\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2019\\\/12\\\/02\\\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2019\\\/12\\\/02\\\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\\\/\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2019\\\/12\\\/02\\\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\\\/\",\"name\":\"Application for initiation of corporate insolvency resolution process against DHFL filed under\u00a0Insolvency and Bankruptcy Code, 2016 | SCC Times\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#website\"},\"datePublished\":\"2019-12-02T11:00:38+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/919ec47cc1b871b362af05740398033a\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2019\\\/12\\\/02\\\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2019\\\/12\\\/02\\\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2019\\\/12\\\/02\\\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Application for initiation of corporate insolvency resolution process against DHFL filed under\u00a0Insolvency and Bankruptcy Code, 2016\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/\",\"name\":\"SCC Times\",\"description\":\"Bringing you the Best Analytical Legal News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/919ec47cc1b871b362af05740398033a\",\"name\":\"Bhumika Indulia\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g\",\"caption\":\"Bhumika Indulia\"},\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/author\\\/editor_1\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Application for initiation of corporate insolvency resolution process against DHFL filed under\u00a0Insolvency and Bankruptcy Code, 2016 | SCC Times","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/02\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\/","og_locale":"en_US","og_type":"article","og_title":"Application for initiation of corporate insolvency resolution process against DHFL filed under\u00a0Insolvency and Bankruptcy Code, 2016","og_description":"The Reserve Bank filed an application for initiation of corporate insolvency resolution process against Dewan Housing Finance Corporation Limited (DHFL) under Section","og_url":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/02\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\/","og_site_name":"SCC Times","article_publisher":"https:\/\/www.facebook.com\/scc.online\/","article_published_time":"2019-12-02T11:00:38+00:00","og_image":[{"width":1330,"height":887,"url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/07\/reserve-bank-of-india-rbi-.jpg","type":"image\/jpeg"}],"author":"Bhumika Indulia","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Bhumika Indulia","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/02\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\/#article","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/02\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\/"},"author":{"name":"Bhumika Indulia","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/919ec47cc1b871b362af05740398033a"},"headline":"Application for initiation of corporate insolvency resolution process against DHFL filed under\u00a0Insolvency and Bankruptcy Code, 2016","datePublished":"2019-12-02T11:00:38+00:00","mainEntityOfPage":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/02\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\/"},"wordCount":361,"commentCount":0,"keywords":["corporate insolvency resolution process","Dewan Housing Finance Corporation Limited","Insolvency and Bankruptcy Code 2016","Moratorium","Section 14 of IBC"],"articleSection":["Business News","News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.scconline.com\/blog\/post\/2019\/12\/02\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/02\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\/","url":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/02\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\/","name":"Application for initiation of corporate insolvency resolution process against DHFL filed under\u00a0Insolvency and Bankruptcy Code, 2016 | SCC Times","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/#website"},"datePublished":"2019-12-02T11:00:38+00:00","author":{"@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/919ec47cc1b871b362af05740398033a"},"breadcrumb":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/02\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.scconline.com\/blog\/post\/2019\/12\/02\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/02\/application-for-initiation-of-corporate-insolvency-resolution-process-against-dhfl-filed-under-insolvency-and-bankruptcy-code-2016\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.scconline.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Application for initiation of corporate insolvency resolution process against DHFL filed under\u00a0Insolvency and Bankruptcy Code, 2016"}]},{"@type":"WebSite","@id":"https:\/\/www.scconline.com\/blog\/#website","url":"https:\/\/www.scconline.com\/blog\/","name":"SCC Times","description":"Bringing you the Best Analytical Legal News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.scconline.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/919ec47cc1b871b362af05740398033a","name":"Bhumika Indulia","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g","caption":"Bhumika Indulia"},"url":"https:\/\/www.scconline.com\/blog\/post\/author\/editor_1\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/222749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=222749"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/222749\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=222749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=222749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=222749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}