Piramal Group gets RBI nod for DHFL takeover

New Delhi, February 18

Piramal Group on Thursday said the RBI is understood to have cleared the resolution plan for debt-ridden DHFL as approved by the Committee of Creditors (CoC).

The CoC had approved a resolution plan submitted by a Piramal Group company, Piramal Capital and Housing Finance Limited, last month.

“We understand the RBI has approved the DHFL resolution plan from Piramal Capital and Housing Finance, submitted by the CoC,” Piramal Group said. The resolution plan was approved by the CoC in its 18th meeting concluded on January 15.

Last week, DHFL posted a consolidated net loss of Rs 13,095.38 crore for the third quarter ended December 2020 against a net profit of Rs 934.31 crore in the year-ago quarter. Sequentially, the company witnessed widening of net loss from Rs 2,122.65 crore in the second quarter ended September 2020. — PTI

Resolution plan

• The Committee of Creditors had approved a resolution plan submitted by a Piramal Group company, Piramal Capital and Housing Finance Limited, last month
• In November 2019, the RBI referred Dewan Housing Finance Ltd (DHFL) to the NCLT for insolvency proceedings