Reliance Capital armed Reliance Commercial Finance in final stages of resolution of Rs 9,017 debt; voting is likely to be over by this date

Reliance Capital armed Reliance Commercial Finance in final stages of resolution of Rs 9,017 debt;  voting is likely to be over by this date

See Zee Business Live TV Streaming Below: -Successful resolution of Rs 9,017 cr debt of RCF is likely to have a significant positive impact on Reliance Capital Group.  -Voting for the successful bidder and the resolution plan of Reliance Commercial Finance was started on 7 June 2021 and is scheduled to be completed by 25 June 2021.-Upon completion of voting on 25 June 2021, the winning bidder will be selected from among the 4 final and binding bids received by the lenders post several rounds of negotiations and bidding. 

-The present debt resolution is under the 7 June 2019 circular of Reserve Bank of India’s Prudential Framework for Resolution of Stressed Assets Directions 2019.-The lenders of the Company with Bank of Baroda as the Lead Bank have entered an Inter Creditor Agreement dated 06 July 2020 for the same.  -Post voting by the ICA Lenders, the successful plan will be put up for the approval from non-ICA lenders and the plan will be put for implementation. -Upon completion of the voting and selection of the successful bidder, debt of Rs 9,017 crore of Reliance Commercial Finance Limited, group borrowings will stand resolved completely, with significant positive impact to Reliance Capital Limited, the promoter entity.   -The 4 final bidders, whose plans are placed for voting are:  1Authum Infrastructure and Investment Ltd. – a domestic NBFC with strategic interest  2UV ARC in consortium with Hawk Capital Pvt. Ltd.3Invent ARC4Alchemist ARC  

Source www.zeebiz.com

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