NEW DELHI, Jan. 22 -- A year after it became the first financial company to undergo insolvency proceedings, Dewan Housing Finance Corp. Ltd (DHFL) is finally inching towards closure with Piramal Enterprises getting voted as the successful bidder by the committee of creditors.
To be sure, the resolution is not cast in stone given that bidders who lost have the option to take legal recourse. Even retail fixed deposit holders may potentially seek the court's help if they are unsatisfied with the implementation plan.
That said, for all purposes, Ajay Piramal's company will end up swallowing DHFL. Media reports said Piramal had offered '37,300 crore for DHFL, which includes an upfront cash payment of '12,700 crore, '3,000 crore as interest inc...