International investors have raised concerns over the debt resolution process of Dewan Housing Finance Corporation Ltd (DHFL) after its lenders invited fresh bids to accommodate Adani Group’s out of turn bid.

Global investments funds, which have been eyeing a larger play in India’s debt resolution process, say that the manner in which the DHFL case has been handled so far leaves a lot of grey areas in the rules governing IBC cases.

“While value maximisation is a genuine intent, lenders have to draw a line when it comes following the due process. Can it keep asking for fresh bids every time a new playeroffers a deal that seems better?” said a source close to one of the foreign entities that have expressed interest in acquiring DHFL assets. Oaktree Capital and SC Lowy are the two foreign players that have made an offer to acquire DHFL’s assets.

Adani Group companies — Adani Properties and Nirjara Pedestal — had earlier written to the CoC expressing intent to revise its bid in the resolution process for the housing finance company. But this offer was made after the deadline for submitting the bid was over. The basic implication of the Adani Group’s offer was that it was ready to offer more than Oaktree Capital, which was then the sole bidder for the entire company portfolio, with an offer of ₹31,000 crore. Adani Group had initially bid only for the wholesale and SRA.

In a communication to the lenders of DHFL, Adani said its bid is as per the process laid out in the bid documents and other applicants have no rights to raise any objections because the Committee of Creditors (CoC) and the Administrator are duty bound to ensure value maximisation.

But sources close to the foriegn investors said that the outcome of the DHFL resolution process could set the tone for future cases when it comes to participation from international private equity players.

The lenders have, meanwhile, extended the timeline for submission of revised bids to December 13