Mumbai: The RBI has cited Reliance Capital’s default to Sure Financial institution in respect of dues amounting to Rs 1,417 crore as a key default whereas initiating insolvency proceedings in opposition to the Anil Ambani group finance firm.
The Nationwide Firm Regulation Tribunal on Monday admitted the insolvency proceedings and introduced a moratorium when it comes to the chapter code.
RCap had been categorized as a defaulter by credit standing companies two years in the past and a decision course of initiated by the debenture trustee has been dragging on, hampered by litigation from collectors to group firms. In a letter dated December 2, 2021, Sure Financial institution knowledgeable the RBI that it had dues of Rs 1,417 crore. This was a principal quantity of Rs 987 crore invested within the firm’s debentures and Rs 430 crore as curiosity, which prompted the central financial institution to behave.
In its letter, Sure Financial institution submitted the report of RBI’s Central Repository of Info on Giant Credit (CRILC) as on November 29, 2021, demonstrating that its publicity to RCap was categorized as ‘uncertain’.
Uncertain property are these which have been categorized as a non-performing asset (NPA) for greater than 12 months, in accordance with the RBI’s norms on dangerous loans.
Sure Financial institution had earlier acquired Reliance’s headquarters for Rs 1,200 crore, which was used to settle dues of Reliance Infrastructure.
The Nationwide Firm Regulation Tribunal on Monday admitted the insolvency proceedings and introduced a moratorium when it comes to the chapter code.
RCap had been categorized as a defaulter by credit standing companies two years in the past and a decision course of initiated by the debenture trustee has been dragging on, hampered by litigation from collectors to group firms. In a letter dated December 2, 2021, Sure Financial institution knowledgeable the RBI that it had dues of Rs 1,417 crore. This was a principal quantity of Rs 987 crore invested within the firm’s debentures and Rs 430 crore as curiosity, which prompted the central financial institution to behave.
In its letter, Sure Financial institution submitted the report of RBI’s Central Repository of Info on Giant Credit (CRILC) as on November 29, 2021, demonstrating that its publicity to RCap was categorized as ‘uncertain’.
Uncertain property are these which have been categorized as a non-performing asset (NPA) for greater than 12 months, in accordance with the RBI’s norms on dangerous loans.
Sure Financial institution had earlier acquired Reliance’s headquarters for Rs 1,200 crore, which was used to settle dues of Reliance Infrastructure.
Supply: Times of India