Billionaire Ajay Piramal-led Piramal Group completed the purchase of Dewan Housing Finance Corp. under the Insolvency and Bankruptcy Code on Tuesday.

The Piramal Group has transferred Rs 12,700 crore in cash to an escrow account, according to two people in the know. Financial creditors will receive the funds over the course of the day, the people said.

In total, Piramal Group will pay over Rs 38,000 crore in cash and securities as part of the DHFL acquisition. The debentures were transferred over the past week to various financial creditors, including banks and other debenture holders.

Financial creditor claims amount to over Rs 87,000 crore, as per details available on DHFL’s website. According to the plan, DHFL will be delisted from the stock exchanges and its assets will be merged with Piramal Capital & Housing Finance Co.

This is the first financial services company to be resolved under a special window of the IBC. The Reserve Bank of India had put DHFL under the bankruptcy process in November 2019.

A prolonged bidding process, full of twists and turns, involving the Piramal Group, the Adani Group and Oaktree Capital played out over the course of 2020. Finally in January this year, the financial creditors voted in favour of DHFL being sold to Piramal Group. The National Company Law Tribunal approved the bid in June.