Rubberwala Housing & Infrastructure Ltd. has reportedly acquired Raj Oil Mills Limited (BSE:533093) from lenders, according to two senior bank officials. The sale was the result of a default resolution process. "Committee of creditors has voted in favour of the resolution plan given by Rubberwala Housing and the final proposal will soon be submitted to the bankruptcy court," said a bank official who was involved in the deal. According to the transaction, lenders will receive INR 620 million against their outstanding dues of INR 1.15 billion.