Trilegal gets CCI approval for Piramal Capital & Housing in its Rs. 34,000 crore bid for DHFL
Trilegal advised Piramal Capital & Housing Finance Ltd. (PCHFL) on the Indian competition law aspects of its over Rs. 34,000 crores bid for Dewan Housing Finance Corporation Limited (DHFL) pursuant to the corporate insolvency resolution process initiated under the Insolvency and Bankruptcy Code, 2016 (IBC) against DHFL.
On 22 January 2021, as the successful resolution applicant, PCHFL was issued the Letter of Intent by the Administrator (acting on the instructions of the Committee of Creditors of DHFL). On 12 April 2021, the Competition Commission of India (CCI) unconditionally approved the transaction.
The transaction is currently pending approval from the National Company Law Tribunal, Mumbai Bench under the IBC.
PCHFL is a wholly-owned subsidiary of Piramal Enterprises Limited (PEL). PCHFL is registered as a Housing Finance Company (HFC) with the National Housing Bank and is engaged in financial services businesses. PEL is the ultimate holding company of the Piramal group of industries, having presence in the financial services and pharmaceutical sectors worldwide and in India.
DHFL is a deposit taking HFC registered with the National Housing Bank, with a focus on providing housing finance and related products for the underserved majority, primarily through home loans provided to the lower middle income segment in India. Its main business is providing loans to retail customers for construction or purchase of residential property, loans against property, loans to real estate developers, corporate loans, and loans to small and medium enterprises.
The Trilegal competition team representing PCHFL was led by Nisha Kaur Uberoi, Partner & National Head – Competition Law; Gautam Chawla, Partner; Harshita Singh Parmar, Senior Associate; and Rahat Dhawan, Shambhvi Sinha, Aditi Khemani, Akrathi Shetty, and Simran Kathuria, Associates.
The Trilegal corporate team led by Partners, Sridhar Gorthi and Ashwyn Mishra, is advising PCHFL on corporate and insolvency law aspects.