According to sources, a special presentation was given by the bankers to the RBI and Finance Ministry which said that the delaying tactics of promoters are eroding the very spirit of IBC.
Unlike DHFL, which accepts public deposits, acquirer Piramal Capital & Housing Finance Limited (PCHFL) is a non-deposit taking company.
As per the resolution plan approved by the NCLT, 74,500 fixed depositors are likely to get only 20-25% of their total claims of Rs 5,360 crore.
This offer is better than Piramal Group, which has emerged as the highest bidder with Rs 35,500 crore for the whole loan portfolio of DHFL.
It can be noted that the NBFCs space is highly competitive, and despite the reverses witnessed over the last three years, keeps witnessing newer entrants.
Private auditor Grant Thornton has reported another fraudulent transaction of Rs 6,182 crore in Dewan Housing Finance Corporation.
Since the conclusion of the fifth and final round of the bidding process last month, Piramal and Oaktree Capital each claimed that their bid was the highest and fully implementable.
The accused, in their plea, claimed no cheating case was made out as no loss had been caused to anybody.
As per 63 Moons, recoveries from erstwhile promoters -- the Wadhwans -- are not uncertain as they have publicly made it clear that they have assets.
Since the conclusion of the fifth round of the bidding last month, Oaktree and Piramal Enterprises are claiming that their bid is highest.
Piramal is offering more upfront cash. The CoC is weighing the merits of both,” a source aware of the proceedings said.
Wadhwan has alleged that 63 Moons is seeking to give precedence to the recovery of its dues over the Rs 80,000 crore of outstanding that other creditors would get to settle in the insolvency process.