The bid of Piramal received 94 percent of the vote, while the bid by American company Oaktree Capital received only 45 percent of the vote. After completion of the 5th and final round of bidding in December 2020, Piramal and Oaktree Capital had described their offering as the best. According to sources, the bidders have submitted bids in the range of 35,000 to 37,000 crores. In November 2019, the Reserve Bank of India (RBI) sent the private sector Dewan Housing Finance Limited (DHFL) to the housing sector loan to the National Company Law Tribunal (NCLT) as part of the insolvency process.
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DHFL is the first finance company sent under NCLTDHFL was the first finance company to be sent under NCLT for resolution. For this, the Reserve Bank used the special power given under Section 227 of the IBC Act. Earlier, the Reserve Bank had removed the board of directors of the company to R.R. Subramanya Kumar was appointed as the administrator. He was also made a solution professional under the IBC. DHFL owed Rs 83,873 crore to banks, National Housing Board, mutual funds and bondholders as of July 2019.
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These banks owe a big debt on Diwan Housing
State Bank of India (SBI), including SBI Singapore, has the highest debt of Dewan Housing at Rs 10,083 crore. Apart from this, Bank of India (BOI) has Rs 4,125 crore, Canara Bank’s Rs 2,681 crore, NHB’s Rs 2,434 crore, Union Bank’s Rs 2,378 crore, Syndicate Bank 2,229 crore is owed, Bank of Baroda (BOB) owes Rs 2,075 crore, Indian Bank Rs 1,552 crore, Central Bank Rs 1,389 crore, IDBI Bank Rs 999 crore and HDFC Bank Rs 361 crore.