With billionaire Gautam Adani's group outbidding US-based Oaktree, lenders to the bankrupt Dewan Housing Finance Corp Ltd (DHFL) have extended the deadline for bidders till 10 December.

The Adani Group has made a revised bid of Rs 33,000 crore for the collapsed housing lender, surpassing Oaktree's offer of Rs 28,300 crore. While the initial bid was only for DHFL's wholesale and Slum Rehabilitation Authority (SRA) portfolio, in the revised offer submitted on 17 November the group bid for the entire book. It offered a total of Rs 30,000 crore plus interest of Rs 3,000 crore, a source told PTI.

Piramal quoted Rs 23,500 crore only for the retail portfolio of DHFL while Hong Kong-based SC Lowy bid Rs 2,350 crore for SRA.

Rival bidders cried foul over Adani's revised offer, saying the group had submitted the bid past the deadline and that it cannot expand on its original plan.

All the three rival bidders sought disqualification of Adani, PTI quoted a source as saying.

Adani has countered the move, writing a detailed letter to the DHFL administrator, who is overseeing the sale, saying it had originally put in an expression of interest (EoI) for both - full book and wholesale and SRA portfolio.

Quoting sources, PTI reported that the 22 November letter said its October bid was only for wholesale and SRA assets of DHFL as it was hopeful that it along with Piramal Group would complete the deal (Piramal Group bid only for the retail assets).

But on the opening of bids on 9 November, Adani saw bids put in by rivals did not reflect the value of the company and decided to bid for the entire book, PTI reported.

In the letter, Adani Group said, its bid was submitted before 10.00 am on November 17 and was in accordance with the bid document.

DHFL was the first finance company to be referred to NCLT by the RBI using special powers under section 227. As of July 2019, the company owed Rs 83,873 crore to banks, the National Housing Board, mutual funds and bondholders