MUMBAI, June 11 -- Piramal Capital and Housing Finance Ltd on Monday, 7 June, received a bankruptcy court's approval to acquire Dewan Housing Finance Corp. Ltd (DHFL) for '37,250 crore, but with a few conditions.
The decision of the Mumbai bench of the National Company Law Tribunal (NCLT) is a blow to DHFL's former promoter Kapil Wadhawan's attempt to take over the stressed mortgage lender.
"Resolution applicant's amount to remain the same. Only inter-se allocation to be reconsidered. Following ruling in Essar Steel Ltd, expect gestures from committee of creditors (CoC). But cannot substitute their wisdom," the Mumbai bench of the tribunal said.
The tribunal's detailed order is awaited.
In its order, the tribunal asked DHFL's CoC to con...