Bank of Baroda alleges SP Group is stalling Reliance Home Finance resolution process
New Delhi: Bank of Baroda (BoB), the lead lender of Reliance Home Finance Limited representing 34 banks and institutions has dragged SP Group to Delhi High Court.
BoB alleges that SP Group has refused to join the resolution process and is stalling the resolution process and also not cooperating with other lenders. BoB has filed an application before the Delhi High Court on March 3, 2021.
In its petition, Bank of Baroda said that in the hearing held on October 1, 2020, the applicant has made an offer that it is willing to secure the principal amount payable to the petitioner by investing a sum of Rs 200 crore in a fixed deposit receipt, which amount could be released in accordance with the final resolution plan.