Reliance home finance ltd - Latest News Update, Information, Photos & Videos on Reliance home finance ltd at Lokmat Times

Mumbai, March 1 The debt resolution process of Reliance Home Finance Ltd (RHFL), which is at the final stages, has been hit by the Shapoorji Pallonji (SP) Group's litigation against the home finance company.The lenders of RHFL are unable to proceed with the resolution process due to a coercive stay obtained by the SP Group from the Delhi High Court in November 2019.As per the stay order, RHFL is prohibited from disposing, alienating, encumbering either directly or indirectly or otherwise part with the possession of any of its assets, thus directly impacting the ongoing debt resolution process.SP Group is a secured lender with just Rs 200 crore exposure out of a total debt of Rs 11,200 crore, i.e., less than 1.8 per cent of the total debt of RHF.RHFL's lenders have received four binding bids. Two of the bids, from ACRE and Authum Investments, are for all the assets of the company, while the other two bids, from Capri Global and Avenue-Arcil, are for only the retail assets of the company.The bids are considered to be extremely attractive to the lenders as their values have crossed the fair value as determined by two independent valuers appointed by the lenders.However, the lenders are unable to proceed with the resolution due to the stay obtained by the SP Group.According to a senior banker involved in the resolution process, the lenders hope to finalise the successful bidder for RHFL's assets in the next couple of weeks. Thus, it is imperative now to settle the issue with the SP Group at the earliest.Interestingly, the same set of banks are considering debt resolution of SP Group's over Rs 30,000 crore debt under the one time debt restructuring (OTR) plan.In August last year, lenders led by Bank of Baroda had invited expressions of interest for the assets of Reliance Home Finance and Reliance Commercial Finance, both arms of Reliance Capital.The resolution process is being managed by BoBCapital Markets (BoB Caps) and Ernst & Young (EY).( With inputs from IANS )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Narendra Modi

Lok Sabha Election 2024

Heatwave In India

Mumbai Water Cut

Maharashtra Lok Sabha Election

IPL 2024

Reliance Home Finance LtdFOLLOW

Reliance home finance ltd, Latest News

Business :SP Group's litigation stalls resolution process for RHFL

Mumbai, March 1 The debt resolution process of Reliance Home Finance Ltd (RHFL), which is at the final ... ...