Read more about Banks in talks with Shapoorji Pallonji Group to resolve RHFL impasse on Business Standard. An SP group source said the dues from Reliance Home Finance are to a joint venture company and not Shapoorji Pallonji alone
Fresh IBC suspension due to COVID-19 may put brakes on stressed asset resolution
To provide relief for entities impacted by the pandemic, the government has suspended fresh proceedings under the Insolvency and Bankruptcy Code (IBC) starting from March 25
PTI | December 31, 2020 | Updated 14:56 IST
Suspension of fresh proceedings under the insolvency law as well as the NCLT and the appellate tribunal switching to virtual hearings due to the coronavirus pandemic seem to have put the brakes on the pace of resolution process for stressed assets and realisation for creditors.
To provide relief for entities impacted by the pandemic, the government has suspended fresh proceedings under the Insolvency and Bankruptcy Code (IBC) starting from March 25, when the nationwide lockdown was imposed to curb spreading of coronavirus infections. The suspension has been extended till March next year.
Classification as fraud account unjustified: RCom
In the case of Reliance Infratel, Reliance Jio unit Reliance Digital Platform is the successful Resolution Applicant and lenders will get Rs 4,400 crore from the implementation.
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| A+A A- By Express News Service
NEW DELHI: After several Indian banks marked the loan accounts of Reliance Communications Ltd and two other subsidiaries as fraudulent, the bankrupt Anil Ambani-led firm released a statement Wednesday calling the classification as “entirely unjustified”.
The Delhi High Court on Tuesday had directed two of these banks Union Bank of India and Indian Overseas Bank to maintain the status quo regarding the classification, after RCom and its subsidiary Reliance Telecom Ltd challenged the move.
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Mumbai: Kotak Special Situations Fund (KSS), Asset Reconstruction Company (India) Ltd (Arcil) and Acre ARC are among six bidders that have expressed interest to buy the debt-laden
Reliance Home Finance (RHFL), multiple people familiar with the process told ET.
Lenders led by
Bank of Baroda (BoB) are seeking buyers for the debt-laden company through an inter-creditor agreement outside the Insolvency and Bankruptcy Code (IBC).
“Asset reconstruction companies are taking the lead in bids since a majority of loans by this company are to retail investors through affordable home loans, small builders or loans against properties which will require use of the power of the Sarfaesi Act to recover the advances as retail loans are not covered by IBC,” said one of the persons cited above.
Updated Dec 21, 2020 | 10:50 IST
While Kotak Special Situations Fund has partnered with its group ARC Phoenix, Arcil has teamed up with its single largest shareholder, Avenue Capital.Asset reconstruction companies are taking the lead in bids Arcil, Kotak Fund and 4 others among bidders for debt-ridden Reliance Home Finance | Photo Credit: BCCL
New Delhi: Six bidders have reportedly submitted bids for debt-ridden Reliance Home Finance Limited (RHFL). Of these, only two bidders have submitted compliant and binding bids while the other four have submitted non-binding and non-compliant bids.
Kotak Special Situations Fund (KSS), Asset Reconstruction Company (India) Ltd (Arcil), and Acre ARC are among the six bidders that have expressed interest to buy RHFL, reported