DHFL crisis: Lenders appoint advisors, discuss potential reconstitution of board

In the meeting held between key lenders and promoters of DHFL on July 1, Kapil Wadhawan apprised the lenders of the company's current position, adding that business had almost stopped post the crisis and that the company was taking steps to meet debt obligations through securitisation of its portfolio, a source present at the meeting said.

Kapil Wadhawan assured lenders that there are a couple of investors with whom discussions are on for a strategic sale, and there are indications that these investors can bring up to Rs 7,000-10,000 crore of capital, a source told CNBC-TV18 on the condition of anonymity.

A banking executive with one of the lenders told CNBC-TV18 that during the same meeting, the lenders discussed broad contours of Promoters' Binding Agreement to be entered with promoters of the company covering conditions such as pledge of shares of promoters with lenders, personal guarantee of the promoter, reconstitution of the board and appointment of new board members, among other things.

CNBC-TV18 had earlier reported that the banks have agreed to sign the Inter-Creditor Agreement under RBI's new circular latest by July 5, and set June 29 as the 'Reference Date' from when the 30-day review period will start. Once this agreement is signed, added a banking executive, the final contour of the restructuring plan can take shape.

DHFL has borrowings of over Rs 1 lakh crore and banks have financed 40-50 percent of these.