CoC approves resolution plan of Piramal: DHFL

CoC approves resolution plan of Piramal: DHFL

Dewan Housing Finance Corporation Ltd (DHFL) on Sunday said that its Committee of Creditors (CoC) has approved the resolution plan of Piramal Capital and Housing Finance Ltd.

"The resolution plan submitted by Piramal Capital and Housing Finance Ltd (under Option I in terms of the RFRP dated September 16, 2020) was duly approved by CoC by majority voting under section 30(4) of the Insolvency & Bankruptcy Code read with Reg. 39(3) of CIRP Regulations, as the successful resolution plan," DHFL said in a regulatory filing.

The voting of the lenders ended on Friday.

According to sources, Piramal received 94 per cent of the votes from the Committee of Creditors (CoC). The minimum requirement for winning a bid is 66 per cent votes.

The other major contender, US-based Oaktree Capital secured around 45 per cent of the votes.

The total offer of Piramal was Rs 37,250 crore, compared to Rs 38,400 crore offered by Oaktree. However, Piramal had offered a higher upfront cash payment.

The total dues of DHFL stand at around Rs 90,000 crore.

Piramal, in its bid, has offered an additional amount in the resolution process to fixed deposit holders, over and above what the CoC offers them through the IBC resolution.

Source: IANS