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Piramal Capital drags Anil Ambani companies to NCLT over unpaid dues

Reliance Natural Resources had defaulted on a loan of Rs 526.1 cr from DHFL before it was taken over by Piramal Capital last September for Rs 34,250 cr

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According to Piramal’s debt resolution plan, any recovery from loans under default will not go to the lenders but to Piramal, leading to litigation from 63 Moons — one of the lenders to DHFL

Dev Chatterjee Mumbai

3 min read Last Updated : Mar 21 2022 | 11:31 PM IST

Piramal Capital and Housing Finance (PCHFL) has filed bankruptcy proceedings against Anil Ambani-owned Reliance Power (RPL) and its subsidiary Reliance Natural Resources (RNRL). The case has been filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) 2016, in the National Company Law Tribunal (NCLT) Mumbai, to recover dues.

RNRL had defaulted on a loan of Rs 526.1 crore taken from DHFL. The housing finance company was later taken over by the Ajay Piramal-owned Piramal Capital in September 2021 for Rs 34,250 crore. Soon after the acquisition, Dewan Housing Finance Corporation (DHFL) was merged with PCHFL. PCHFL has initiated recovery

Topics : Piramal Capital Anil Ambani NCLT Reliance Power

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