All the four bidders who are participating in the bidding process for DHFL assets, were informed by the Committee of Creditors (CoC) for Dewan Housing Finance Corporation Ltd (DHFL) that their revised bids will be considered only in respect of the asset for which they had initially submitted the resolution plan. None of the bidders will be allowed to submit a revised or new bid for a different group of assets owned by DHFL.

According to sources, the “unsolicited” bid submitted by the Adani Group for acquiring the entire DHFL may not be considered by the CoC, because Adani group had initially submitted a bid for only their wholesale and slum rehabilitation book. Considering a notification which was communicated by DHFL’s administrator to the bidders ahead of the last day of submitting the revised bids on November 17. Soon after the initial round of bidding, Adani Group companies wrote to the CoC expressing intent to make an unconditional offer for Option I (entire company) surprising Piramal Enterprises, who then urged the CoC and the Administrator to disregard their new offer.

The CoC is yet to take a final decision regarding the bids. There is a chance of other bidders, including Piramal using the DHFL’s administrator’s communication notification to mount a legal challenge in case the lenders change their mind and go with Adani’s revised bid.