Reliance Housing Finance resolution likely to hit barrier due to Shapoori Pallonji Group's HC stay in 2019
Even as Reliance Housing Finance has got attractive bids under the corporate resolution plan that is in final stages, there could be barrier on a speedy resolution as the Shapoori Pallonji Group had in 2019 got an stay from the Delhi HC against the company to sell its assets, according to sources. Anil Ambani-controlled Reliance Home Finance Ltd (RHFL) is at the final stages of the debt resolution process. However, according to the sources, lenders cannot proceed with the resolution process due to a coercive stay obtained by the Shapoorji Pallonji (SP) Group from Delhi High Court against RHFL in November 2019. As per the stay obtained by SP Group, RHFL is prohibited from disposing, alienating, encumbering either directly or indirectly or otherwise part with the possession of any its assets, thus directly impacting the ongoing debt resolution. According to a senior banker involved in the resolution process, it is imperative for the lenders of RHFL to settle the issue with SP Group for the successful closure of the ongoing resolution plan.
Reliance Housing Finance resolution likely to hit barrier due to Shapoori Pallonji Group's HC stay in 2019
Even as Reliance Housing Finance has got attractive bids under the corporate resolution plan that is in final stages, there could be barrier on a speedy resolution as the Shapoori Pallonji Group had in 2019 got an stay from the Delhi HC against the company to sell its assets, according to sources. Anil Ambani-controlled Reliance Home Finance Ltd (RHFL) is at the final stages of the debt resolution process. However, according to the sources, lenders cannot proceed with the resolution process due to a coercive stay obtained by the Shapoorji Pallonji (SP) Group from Delhi High Court against RHFL in November 2019. As per the stay obtained by SP Group, RHFL is prohibited from disposing, alienating, encumbering either directly or indirectly or otherwise part with the possession of any its assets, thus directly impacting the ongoing debt resolution. According to a senior banker involved in the resolution process, it is imperative for the lenders of RHFL to settle the issue with SP Group for the successful closure of the ongoing resolution plan.