Lenders to distressed mortgage agency Reliance Home Finance (RHF) have prolonged the inter-creditor settlement (ICA) for one more three months.
Reliance Residence Finance, a part of Anil Ambani-promoted Reliance Group, not too long ago acquired bids from six suitors as a part of the debt resolution course of.
“The lenders of the corporate forming a part of the Inter creditor Settlement (ICA), executed pursuant to the Reserve Financial institution of India (RBI) round dated June 7, 2019 on Prudential Framework for Resolution of Pressured Belongings, have prolonged the ICA interval until March 31, 2021,” the corporate mentioned in a regulatory submitting.
As per June 7 round of the RBI, lenders can lengthen the time interval of the pact if an account has not been resolved inside 180 days of signing ICA.
Of the six bidders, solely two submitted compliant and binding bids whereas 4 bids are non-binding and never compliant with bid situations, sources mentioned.
Lenders have determined to additional lengthen the bidding timeline until January 31, 2021, with a view to accommodate the 4 non-compliant bidders, sources added.
Retail disbursements of Reliance Home Finance had plunged amid tightening liquidity following the collapse of Infrastructure Leasing & Monetary Providers (IL&FS) in 2018, and vital debt repayments in the course of the September 2018 to February 2019 interval.
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