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Mumbai, Nov 16 (IANS) Piramal Capital has withdrawn the insolvency proceedings in opposition to Reliance Energy (NS:) Ltd.
Reliance (NS:) Energy, in a inventory change disclosure, has knowledgeable that the Piramal Capital and Housing Finance has withdrawn the appliance made in opposition to Reliance Energy Ltd. beneath part 7 of the Insolvency and Chapter Code 2016.
This follows an out of court docket settlement between each the businesses Rs 526 crores mortgage default by Reliance Energy and it is subsidiary, Reliance Pure Sources Ltd. (RNRL).
RNRL had in 2010 merged with Reliance Energy.
RNRL had defaulted on a mortgage of ?526 crore, obtained from the erstwhile Dewan Housing (NS:) Finance Company Ltd (DHFL).
The Piramal Group had acquired the DHFL in 2021 and merged with Piramal Capital and Housing.
Publish that, Piramal Capital, in March this 12 months, initiated chapter proceedings in opposition to Reliance Energy beneath part 7 of the IBC Code 2016, in NCLT Mumbai, to get well the dues.
In July, throughout a listening to on the Piramal Capital’s utility, each the businesses had knowledgeable the NCLT that they have been engaged in talks to settle the matter, by consent.
–IANS
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