DHFL bad loans: Piramal in for a long legal battle with builders

The conglomerate thought it had a gold mine in assets it could recover when it acquired DHFL, but instead it’s mired in hundreds of court cases.

A little over a year after acquiring bankrupt non-bank lender Dewan Housing Finance Corp. Ltd, Piramal Capital and Housing Finance’s plan to scale up retail lending is well underway. But behind the scenes, Piramal has launched a legal battle to recover money from real estate developers and corporate defaulters.

The company has appointed an army of lawyers for this purpose—from senior advocates like Abhishek Manu Singhvi and Ashish Dholakia to top law firms like Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas & Co., Wadia Ghandy & Co., Khaitan & Co. and DSK Legal. 

According to data research firm Crediwatch, Piramal is …

Author

Advait Palepu

Advait is a financial journalist and a former writer at The Morning Context. Here, he wrote on India’s banks, the wider financial services industry and the fintech ecosystem. He has previously worked with the Economic and Political Weekly, Business Standard, BloombergQuint and MediaNama, where he covered everything from the Reserve Bank of India to fintech policy.

Writer

advait@mailtmc.com

Mumbai