AZB, Trilegal cement Piramal’s Dewan Housing bid

AZB & Partners, Trilegal assist acquisition bid for troubled Dewan Housing

A five-partner team from AZB & Partners advised non-banking financial company Dewan Housing Finance Corporation, and the administrator overseeing its insolvency resolution process, when the committee of creditors approved a `342.5 billion (US$4.6 billion) bid from Piramal Capital and Housing Finance.

Trilegal advised Piramal Capital and Housing Finance, which is a subsidiary of BSE and NSE-listed conglomerate Piramal Enterprises.

The committee of creditors approved Piramal Capital and Housing Finance’s resolution plan on 15 January, and an application to the National Company Law Tribunal (NCLT) for approval was filed on 24 February.

AZB & Partners’ team comprised founding partner Bahram Vakil, partners Nilang Desai, Suharsh Sinha, Anindita Roychowdhury and Nanditha Gopal, counsel Vivek Shetty, and senior associates Saloni Thakker, Amrita Sinha and Vatsala Rai.

Trilegal’s team comprised partners Sridhar Gorthi, Ashwyn Misra and Ankush Goyal, who were assisted by partners Ameya Khandge (banking and finance), Rahul Arora (real estate), Atul Gupta (employment), Nisha Kaur Uberoi (competition), and Shankh Sengupta and Ashish Bhan (disputes).

In November 2019, BSE and NSE-listed Dewan Housing Finance Corporation became the first non-banking financial company to be referred to the NCLT for insolvency proceedings. A bidding war involving high-profile players including Oaktree Capital and Adani Capital followed. Piramal Capital and Housing Finance awaits final approvals for its bid.