The big issue is how SBI will behave. They are the largest lender to DHFL. The new SBI leadership is quite capable and cleaning up their affairs fast. I doubt they will tolerate such murky and very suspicious transactions. There is just too much smoke here for their not be a significant fire. If SBI (+others) limit incremental funding further/prevent rollovers (besides the recent tightening) it can quickly escalate to a severe liquidity crisis for DHFL depending on the size of the actual hole in DHFL’s books.
I guess Ajay Piramal was likely talking of DHFL a couple of days back when he warned of another one or two NBFC blowing up in the coming months. He would know. DHFL looks ripe to burst.