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Oaktree mulls legal action against DHFL lenders: Report

DHFL lenders will likely meet on December 18 to discuss bids submitted by four suitors - Piramal Enterprises, Oaktree, SC Lowy and Adani Properties.

December 18, 2020 / 11:06 AM IST
 
 
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Oaktree Capital Management may initiate legal action against the lenders of Dewan Housing Finance (DHFL) over "non-adherence of previously stated objectives".

Sources close to Oaktree said the principal objective of the Committee of Creditors (CoC) was initially focused on value maximisation from the bids, The Economic Times reported.

Moneycontrol could not independently verify the report.

However, the lenders are now allegedly raising other "concerns that are not germane to the original goal", the report said. While Oaktree has not communicated this officially to the lenders, it has spoken to some legal advisors involved in DHFL resolution exercise.

Also read: DHFL race | Piramal holds edge over Oaktree due to higher upfront cash, insurance tangle for foreign firms

Moneycontrol recently reported that the CoC will likely meet on December 18 to discuss bids submitted by four suitors - Piramal Enterprises, Oaktree, SC Lowy and Adani Properties.

Piramal and Oaktree trumped Adani Properties in the fourth round of bids, Moneycontrol reported.

Oaktree Capital has offered Rs 36,646 crore for the entire DHFL business, while Piramal has placed a Rs 35,550 crore bid. But Piramal has an advantage since it is offering a higher upfront cash payment.

Moneycontrol News
first published: Dec 18, 2020 11:06 am

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