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RBI files application for bankruptcy proceedings against DHFL

The Reserve Bank of India (RBI) has filed an application to initiate insolvency proceedings against mortgage lender Dewan Housing Finance Ltd (DHFL). The application was filed with Mumbai bench of the National Company Law Tribunal (NCLT). An interim moratorium will start from the date of filing of the application till its admission or rejection, said the central bank in a statement. On November 20, the RBI superseded DHFL's board of directors and appointed former banker R Subramaniakumar the administrator.