After multiple rounds of bidding and counter bids, Piramal Capital & Housing Finance Limited has won the race to acquire Dewan Housing Finance Corporation Limited (NSEI:DHFL). The voting by the Committee of Creditors ended on January 15, 2021. The debt resolution proposal submitted by Piramal received 94% of the lenders’ votes, according to banking industry sources. The proposal submitted by Oaktree Capital Management, L.P. is understood to have secured around 45% of the votes. The official numbers will be disclosed by the DHFL administrator over the weekend. On January 15, 2021, Oaktree did not comment on its future course of action as the official results of the voting are yet to be made public. If Oaktree challenges the outcome, the actual recovery will take time. The bid resolution by Piramal will have to be ratified by the Reserve Bank of India and the National Company Law Tribunal. This process could take 90 days under normal circumstances. However, there could be further delays if Oaktree challenges the lenders’ decision. The case may then go to the Supreme Court. This will be another test case under IBC as DHFL is the first finance company to be referred to the NCLT by the Reserve Bank of India.