Friday, March 29, 2024
News

CoC approves resolution plan of Piramal: DHFL

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Mumbai | Monday, 2021 4:15:05 AM IST
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.

--IANS rrb/sn/vd

( 214 Words)

2021-01-17-22:18:03 (IANS)

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Striking a Chord for Well-being: Swarnab...
'Healthcare, education and agriculture' ...
Solana (SOL), Shiba Inu (SHIB) and Retik...
AkzoNobel Announces Rocking Star Yash as...
IIIT Hyderabad signs MoU with Plaksha Un...
Empowering breakthrough for former inmat...
More...
 
INDIA WORLD ASIA
'I am the spider of Guna-Shivpuri:' Unio...
'Today justice has been served': Wife of...
BJP's Ravi Shankar Prasad backs letter b...
Madhya Pradesh: Crime branch confiscates...
'ED wants AAP's Lok Sabha strategy from ...
J-K: LG Manoj Sinha expresses deep shock...
More...    
 
 Top Stories
PM Modi wears ethnic jacket made fr... 
Energeia's Innovative Energy Soluti... 
"He had fair time out of game": Del... 
"Next target is to ensure all girls... 
PM Modi to interact with Tamil Nadu... 
FTAs and new markets will increase ... 
Time to Prepare for Summers with 5 ... 
Punjab: BSF seize packet of suspect...