Claim of 4,100cr of Rs of Pramerica by DHFL rejected
Mumbai: The insolvency professional (RP) of a troubled housing finance company has rejected a claim of 4,100 crore filed by International Insurance Holding, the bankrupt company's partner life insurance and former partner in asset management. The PR in publishing the list of admitted claims said the claim was rejected as no documentation was presented to justify the claim.
Life Insurance India is a joint venture between DHFL Investments, a wholly-owned subsidiary of DHFL and Prudential International Insurance Holdings. The rejection of the claim indicates the US insurer has not been able to resolve the shareholder issue in its life insurance JV — Pramerica India. Prudential has been trying to find a new partner in place of DHFL, which had turned insolvent following its inability to meet its debt obligations.
“Nor was any explanation provided on the basis of which the claims were calculated. The factors considered to determine the amount of the claim are speculative in nature and do not meet the requirement prescribed by applicable law, ”said the RP.
In the previous year, Prudential Global Investment Managers (PGIM), the US insurers asset management arm bought out DHFL from its mutual fund joint venture. However, a similar buy-out was not possible in life insurance , which is subject to foreign limits. DHFL also had a non- life insurance company, which was promoted by its promoter Wadhwawan Holdings. The promoters exited the non-life business by selling out to Flipkart co-founder Sachin Bansal for around Rs 100 crore.
The former Overseas Bank of India, MD R Subramaniakumar, the administrator appointed by RBI for DHFL, had verified claims worth Rs 86,035 crore, of which around Rs 5,000 crore were from holders of fixed deposits. The administrator has searched for offers for DHFL in its entirety or in any of the three parts of your business. The parties include retail loans, SRA projects and wholesale loans.