Housing finance companies are in for some headwinds given the rising interest rates and property prices and the resultant moderation in home affordability, which will lead to a marginal dip in their loan sales growth to 12.3 per cent next fiscal, says a report.
The company is currently working on its upcoming projects covering 3 million sq ft of space for its various other clients and investors across India. The warehousing industry has mushroomed around Haryana’s Bilaspur Chowk belt, which comprises Pataudi Road, Tauru Road, Farukh Nagar and Jhajjar. It is connected to the KMP Expressway and NH8 and serves as the distribution point for the critical NCR market as well as the nearby towns in Haryana, Uttar Pradesh and Rajasthan.
Vedanta Resources has been exploring ways to raise funds to meet upcoming debt maturities, after Indian government's nominees on group company Hindustan Zinc's board objected to a $2.98 billion cash deal to purchase Vedanta's zinc assets. Vedanta Resources has mandated Cantor Fitzgerald to syndicate a $2 billion loan to service short-term maturities, ET reported on February 16.
The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed a petition filed by Reliance Capital lenders seeking another round of auction for the debt-ridden firm. A two-member bench set aside an order passed by NCLT and said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid.
The division bench of Justice Ashok Bhushan and Barun Mitra in its oral order, set aside the Mumbai bench of the National Company Law Tribunal order that favoured Torrent Investments in its plea challenging lenders’ decision to hold a second auction for the sale of Reliance Capital and a late improved offer from the Hinduja Group after the auction for the bankrupt company concluded on December 21.
"The company was also not complying with the extant regulations pertaining to charging of excessive interest and had resorted to undue harassment of customers for loan recovery purposes," the RBI said.
Adisri in its petition to NCLT requested the tribunal to direct administrator to consider its settlement application under the Section 12A of Insolvency and Bankruptcy Code.
A two-member bench of the NCLAT said the sale of the property is as per the revised resolution framework approved by the appellate tribunal in March 2020 and it cannot operate as any fetter to proceed with the approval of the proposal. Housing Development Finance Corporation Ltd had made an offer to sanction a loan of Rs 400 crore to IL&FS as a lease rental discounting transaction.
The court, however, said that dissenting debenture holders should be given the option to accept the terms of the resolution plan or they can pursue other legal remedies to recover their dues.