Ica Agreement Dhfl

The India Customs and Central Excise Department has entered into an Inter-Creditor Agreement (ICA) with Dewan Housing Finance Limited (DHFL) as part of efforts to resolve the debt crisis faced by the company. The agreement was signed by the customs department and other lenders to DHFL with the aim of ensuring a coordinated approach towards resolving the debt crisis.

The DHFL, one of the leading non-banking finance companies in India, is facing a severe liquidity crunch due to its inability to raise funds from the market for payment of its dues. The company has a total debt of around Rs 1 lakh crore, which is spread across banks, mutual funds and other financial institutions.

The ICA, which is a framework designed to resolve the debt crisis faced by companies, is expected to provide a mechanism for a resolution plan to be formulated and implemented in a time-bound manner. The agreement also envisages the appointment of a lead lender who will be responsible for coordinating with other lenders and the company for implementation of the resolution plan.

The signing of the ICA marks a significant milestone in the efforts to resolve the debt crisis faced by DHFL. It is expected to provide an impetus to the company’s efforts to find a sustainable solution to its financial woes. The agreement is also expected to reduce the uncertainty surrounding the company’s future and enable it to focus on its core business activities.

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