By Ankur Mishra
Adani Properties, Piramal Enterprises and Oaktree Capital now program to bid for all the assets of Dewan Housing Finance (DHFL), FE has discovered from sources close to the improvement. These suitors have independently conveyed their selection to lenders following the CoC (committee of creditors) on Tuesday decided to contact for fresh bids.
During the second round of bidding on November 9, Oaktree Capital had submitted a bid of Rs 31,000 crore for all assets when the 3 other people, like Adani Properties, had expressed their intention to obtain components of the small business. Adani Properties had supplied Rs two,700 crore for the wholesale book and Rs 50 crore for the slum redevelopment authority (SRA) book when Piramal Enterprises had supplied Rs 26,000 crore for the retail book. The fourth suitor, SC Lowy, had supplied Rs two,250 crore for the wholesale book with quite a few riders.
On November 13, ahead of the third round, nonetheless, Adani Properties revised its bid and supplied to acquire all loan assets of DHFL for Rs 31,250 crore. Oaktree Capital, Piramal Enterprises and SC Lowy had opposed Adani’s final-minute move threatening to withdraw from the resolution approach, if the CoC accepted Adani’s give.
In a note sent to CoC on November 19, Cyril Amarchand Mangaldas mentioned lenders have the discretion to ask bidders for plans below Option I (to bid for entire organization). The note mentioned: “The CoC has the discretion to ask the resolution applicants (RAs) to specifically provide for the remaining asset(s)/business verticals, which are not sought to be resolved under the resolution plans submitted by RAs (including a combination of resolution plans) under clause 4.4 (c) of the request for resolution plans (RFRP).”
The note also mentioned: “If the resolution plans are received by the Administrator at any stage of the resolution plan submission process, the Administrator reserves the right to examine such plans and place them before the CoC for its consideration to the extent permitted under Applicable Laws. In such a case, other resolution applicants will not have any right to object to submission or consideration of such plans.”
The admitted claims of monetary creditors from DHFL stood at Rs 87,120 crore as on September ten. State Bank of India is the lead creditor with claims of Rs ten,083 crore, followed by Bank of India, which has claimed Rs four,126 crore. Among other people, Canara Bank has claimed Rs two,682 crore when National Housing Bank (NHB) has claimed Rs two,434 crore.
DHFL has been undergoing insolvency proceedings at the NCLT in Mumbai considering that December three, 2019.