Piramal Group has received Reserve Bank of India (RBI) approval to complete its acquisition of debt-laden DHFL through the Insolvency and Bankruptcy Code process, the company said in a short statement.

 The Committee of Creditors (CoC) had approved a resolution plan submitted by a Piramal Group company, Piramal Capital and Housing Finance Limited, last month. "We understand that the RBI has approved the DHFL resolution plan from Piramal Capital and Housing Finance, submitted by the CoC," Piramal Group said in a statement.

The resolution plan was approved by the CoC in its 18th meeting concluded on January 15, 2021. Piramal Group and the US-based Oaktree Capital submitted their bids in the fifth and final round. Suitors submitted bids in the range of Rs 35,000-37,000 crore.

DHFL was the first finance company to be referred to NCLT by the RBI using special powers under Section 227 of the IBC. Prior to that, the company's board was superseded and R Subramaniakumar was appointed as the administrator. He is also the resolution professional under the Insolvency and Bankruptcy Code (IBC). The company is being investigated by the Ministry of Corporate Affairs from December 2019 through the Serious Fraud Investigation Office (SFIO).

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