Mumbai, Sep 30 (TIWN) Piramal Enterprises Limited on Wednesday announced that it has completed payment for the acquisition of Dewan Housing Finance Corporation Ltd (DHFL), marking the first successful resolution under the IBC route in the financial services sector.

This includes Rs 34,250 crore to be paid by Piramal Capital and Housing Finance (PCHFL) in cash and non-convertible debentures, and Rs 3,800 crore from the cash balance of DHFL.  The new entity will retain the name PCHFL. It will serve over one million lifetime customers, have a presence across 24 states with a network of 301 branches and will have a portfolio with a 50:50 retail-wholesale mix.  In the financial services sector, this is the first successful resolution under the Insolvency and Bankruptcy Code (IBC) and this is also the largest in terms of value.  Ninety four per cent of the creditors gave the plan the go ahead.