DHFL decision: Creditors approve Piramal group bid

Debt-ridden mortgage lender DHFL Ltd on Sunday mentioned the Committee of Creditors (CoC) has accepted decision plan submitted by Piramal Capital and Housing Finance Limited, a Piramal Group firm.
This was accepted by the CoC in its 18th assembly concluded on January 15, 2021, DHFL mentioned in a regulatory submitting.
The “resolution plan submitted by Piramal Capital and Housing Finance Limited was duly approved by CoC by majority voting under section 30(4) of the Insolvency & Bankruptcy Code….as the successful resolution plan,” it mentioned.
Piramal’s bid acquired 94 per cent votes as in comparison with 45 per cent for the US-based Oaktree Capital.
Since the conclusion of the fifth and last spherical of the bidding course of final month, Piramal and Oaktree Capital every claimed that their bid was the very best and absolutely implementable.
According to sources, suitors have submitted bids within the vary of Rs 35,000-37,000 crore.

In November 2019, the Reserve Bank referred Dewan Housing Finance Ltd (DHFL), the third-largest pure-play mortgage lender, to the National Company Law Tribunal (NCLT) for insolvency proceedings.
DHFL was the primary finance firm to be referred to NCLT by the RBI utilizing particular powers underneath Section 227 of the IBC. Prior to that, the corporate’s board was outdated and R Subramaniakumar was appointed because the administrator. He can also be the decision skilled underneath the Insolvency and Bankruptcy Code (IBC).
With Inputs From PTI