The Committee of Creditors for Dewan Housing Finance Corporation Ltd (DHFL) has informed all four bidders that their revised bids will be considered only in respect of the asset for which they had initially submitted the resolution plan. No bidder will be allowed to submit a revised or new bid for different group of assets owned by DHFL.

According to sources, this was communicated by DHFL’s administrator to the bidders ahead of the last day of submitting the revised bids on November 17.

This could mean that the “unsolicited” bid submitted by the Adani Group for acquiring the entire DHFL may not be considered because Adani had initially submitted a bid for only DHFL’s wholesale and slum rehabilitation book.

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After the initial round of bidding, Adani Group companies — Adani Properties and Nirjara Pedestal — wrote to the CoC expressing intent to make an unconditional offer for Option I (entire company).

Piramal Enterprises had cried foul over this surprise move and urged the CoC and the Administrator to disregard Adani‘s new offer.

While the CoC is yet to take a final decision on the Adani bid, other bidders, including Piramal, could use the DHFL’s administrator’s communication to mount a legal challenge if the lenders change their mind. Sources said the CoC was divided, with supporting Adani’s revised offer arguing for it to reduce the hair-cut. DHFL owes over ₹85,000 crore to the lenders.

Adani’s new offer is understood to be higher than even Oaktree’s ₹31,000 crore. Piramal Enterprises has offered about ₹25,000 crore for DHFL’s retail portfolio. The CoC is expected to meet around December 3 to select the winning bid.

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