Piramal Capital Withdraws Insolvency Proceedings In opposition to Reliance Energy

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Piramal Capital Withdraws Insolvency Proceedings Against Reliance Power

This follows an out-of-court settlement between the businesses over a mortgage default by Reliance Energy.

New Delhi:

and Housing Ltd has withdrawn the insolvency proceedings in opposition to Reliance Energy Ltd.

Piramal Capital and Housing Finance Ltd has withdrawn the applying made in opposition to Reliance Energy Ltd below part 7 of the Insolvency and Chapter Code 2016, a BSE submitting said.

This follows an out-of-court settlement between each the businesses over a Rs 526 crore mortgage default by Reliance Energy and its subsidiary Reliance Pure Assets Ltd (RNRL).

In 2010, RNRL merged with Reliance Energy.

RNRL had defaulted on a mortgage of Rs 526 crore obtained from the erstwhile Dewan Housing Finance Company Ltd (DHFL).

The Piramal Group had acquired DHFL in 2021 and merged it with Piramal Capital and Housing Finance.

In March this yr, Piramal Capital initiated chapter proceedings in opposition to Reliance Energy below part 7 of the IBC, 2016 within the NCLT Mumbai to recuperate dues.

In July, throughout a listening to on Piramal Capital’s utility, each the businesses had knowledgeable the NCLT (Nationwide Firm Legislation Tribunal) that they had been engaged in talks to settle the matter by way of mutual consent.

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