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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.
Four bidders in the final race for Reliance Home assets
January 27, 2021
acre, ares ssg, Capri Global, Kotak Special Situation Fund, avenue capital Assets Care & Reconstruction Enterprise Ltd (ACRE) along with Hong Kong-based private equity Ares SSG, Capri Global, Kotak Special Situation Fund and Us-based investment firm Avenue Capital are among the four bidders that remain in the final to acquire Reliance Home Finance Limited (RHFL)
Avenue Capital has partnered Asset Reconstruction Company (India) Limited for the bid. While lenders favour proposals for the entire company, Capri Global is understood to have emerged as the highest bidder for the retail assets of RHFL.
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