Of the two dozen players that had initially shown an interest in acquiring DHFL, only four suitors have come forward to submit bids, and only one of them has made an offer to acquire the entire portfolio.

US based distressed asset fund Oaktree Capital offers lenders the highest chance of a recovery with a bid totaling Rs 28,000 crore for the entire portfolio. The other bidders include Piramal Capital for the retail assets and Adani Properties and SC Lowy for the wholesale assets.

Nilang Desai, the Legal Counsel for Administrator of DHFL and also Partner at AZB & Partners said that someone picking up the entire stake makes it easier from the legal point of view.

However, he added that the lenders may not be averse to taking up 3 separate bids for 3 separate parts of the company.

“There are 3 discreet parts of the business being sold and if someone bids for those 3 parts and all those 3 parts are eventually taken up at one go, it is round about the same thing commercially. If those 3 bidders were to give more value than the person who takes the company all at one go, then I think lenders would choose those 3,” he said.

According to Desai a bid like this means that the lenders get a fair amount of money upfront as oppose to not taking a deal. “It is bird in hand versus two in the bush for lenders,” he said.