Billionaire Ajay Piramal's conglomerate won bidding for bankrupt Indian shadow lender Dewan Housing Finance Corporation, advancing a keenly watched insolvency that's been a test of the country's bankruptcy system.
New Delhi, 18 January 2021
As per news report of NDTV, a resolution plan for Dewan from Piramal Enterprises' own shadow bank, Piramal Capital & Housing Finance was approved by Dewan's committee of creditors in a vote on Friday, according to a statement Sunday. People familiar with the matter had said Friday that Piramal received almost 94 per cent of the votes, while rival Oaktree Capital got less than half.
Source -NDTV
If you like the story and if you wish more such stories, support our effort Make a donation.