{"id":3280,"date":"2020-01-11T12:59:51","date_gmt":"2020-01-11T12:59:51","guid":{"rendered":"https:\/\/jobbinghood.com\/finance\/2020\/01\/11\/idbi-trusteeship-drags-reliance-home-finance-to-nclt\/"},"modified":"2020-01-11T12:59:51","modified_gmt":"2020-01-11T12:59:51","slug":"idbi-trusteeship-drags-reliance-home-finance-to-nclt","status":"publish","type":"post","link":"https:\/\/jobbinghood.com\/magazine\/2020\/01\/11\/idbi-trusteeship-drags-reliance-home-finance-to-nclt\/","title":{"rendered":"IDBI Trusteeship drags Reliance Home Finance to NCLT"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<div class=\"article-image\">\n<figure><img fetchpriority=\"high\" decoding=\"async\" class=\"lazy lazy-hidden wp-image-1802592 size-full\" src=\"http:\/\/www.financialexpress.com\/wp-content\/plugins\/a3-lazy-load\/assets\/images\/lazy_placeholder.gif\" data-lazy-type=\"image\" data-src=\"https:\/\/images.financialexpress.com\/2019\/12\/nclt-2.jpg\" alt=\"IDBI Trusteeship, Reliance Home Finance, NCLT, industry news,\u00a0Reliance Capital\" width=\"660\" height=\"440\" srcset=\"\" data-srcset=\"https:\/\/images.financialexpress.com\/2019\/12\/nclt-2.jpg 660w, https:\/\/images.financialexpress.com\/2019\/12\/nclt-2-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2019\/12\/nclt-2-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2019\/12\/nclt-2-401x267.jpg 401w\" sizes=\"(max-width: 660px) 100vw, 660px\"\/><noscript><img decoding=\"async\" class=\"wp-image-1802592 size-full\" src=\"https:\/\/images.financialexpress.com\/2019\/12\/nclt-2.jpg\" alt=\"IDBI Trusteeship, Reliance Home Finance, NCLT, industry news,\u00a0Reliance Capital\" width=\"660\" height=\"440\" srcset=\"https:\/\/images.financialexpress.com\/2019\/12\/nclt-2.jpg 660w, https:\/\/images.financialexpress.com\/2019\/12\/nclt-2-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2019\/12\/nclt-2-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2019\/12\/nclt-2-401x267.jpg 401w\" sizes=\"(max-width: 660px) 100vw, 660px\"\/><\/noscript><span class=\"article-caption\">IDBI Trusteeship has filed application under Section 71(10) of the Companies Act, 2013.<\/span><\/figure>\n<\/div>\n<p>IDBI Trusteeship has dragged the troubled lender, <a target=\"_blank\" href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/reliance-home-finance-ltd-stock-price\/\" rel=\"noopener noreferrer\">Reliance Home Finance<\/a> (RHF), a subsidiary of Anil Ambani group\u2019s <a target=\"_blank\" href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/reliance-capital-ltd-stock-price\/\" rel=\"noopener noreferrer\">Reliance Capital<\/a>, to the National Company Law Tribunal (NCLT) Mumbai, claiming payment of Rs 2,850 crore with interest for the debentures issued by the company.<\/p>\n<p>IDBI Trusteeship has filed application under Section 71(10) of the Companies Act, 2013. Reliance Capital, in a release to exchanges, said: \u201cIt is hereby clarified that the application is not an insolvency petition under the provisions of the Insolvency and Bankruptcy Code 2016 but is an application under the Companies Act, 2013, seeking direction from NCLT for payment of overdue amount towards debentures issued by RHF.\u201d<\/p>\n<p>Reliance Capital has also been made a respondent in the application on the alleged ground of security provided on its assets up to Rs 707 crore for the debentures of Reliance Home Finance. IDBI Trusteeship, which is representing the interests of RHF\u2019s non-convertible debenture (NCD) holders, on November 19 wrote to RHF\u2019s chief investment officer, recalling the entire loan amount on the immediate maturity date of January 3 after the company was downgraded to \u2018D\u2019, or default.<\/p>\n<p>On December 12, RHF had written to lenders\u2019 consortium so that it can repay its retail bondholders. RHFL CEO Ravindra Sudhalkar said in a letter to <a target=\"_blank\" href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/bank-of-baroda-stock-price\/\" rel=\"noopener noreferrer\">Bank of Baroda<\/a> \u2013 which is the leader of the consortium \u2013 that the company is unable to pay bondholders because of a restraint placed by the lenders, as it is undergoing a bank-led resolution process.<\/p>\n<p>Around 20,000 debenture holders, including individuals, mutual funds and retirement bodies, are set to take a hit on their investments as the full repayments fall due this month. In September, various rating agencies had downgraded the bonds to junk status following the financial difficulties being faced by the RHF.<\/p>\n<p><a target=\"_blank\" href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/state-bank-of-india-stock-price\/\" rel=\"noopener noreferrer\">SBI<\/a> Mutual Fund in November had written down its exposure to RHF to zero, prompting steep cuts in several close ended hybrid schemes of SBI Mutual Fund. The fund house had earlier on June 28, 2019, written down its exposure to RHF by 75% and its current write down wipes out the balance 25% value of this debt.<\/p>\n<div class=\"common-bottom-text\">\n<p>Get live <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">Stock Prices<\/a> from BSE and NSE and latest NAV, portfolio of <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">Mutual Funds<\/a>, calculate your tax by <a href=\"https:\/\/www.financialexpress.com\/income-tax-calculator\/\" target=\"_blank\" rel=\"noopener noreferrer\">Income Tax Calculator<\/a>, know market\u2019s <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-gainers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Gainers<\/a>, <a href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-losers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Losers<\/a> &amp; <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/equity-funds\/\" target=\"_blank\" rel=\"noopener noreferrer\">Best Equity Funds<\/a>. Like us on <a href=\" https:\/\/www.facebook.com\/thefinancialexpress\" target=\"_blank\" rel=\"noopener noreferrer\">Facebook<\/a> and follow us on <a href=\" https:\/\/twitter.com\/FinancialXpress\" target=\"_blank\" rel=\"noopener noreferrer\">Twitter<\/a>.<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>[ad_2]<br \/><\/p>\n<div class=\"jobbi-after-content-jh-placement jobbi-entity-placement\" id=\"jobbi-2702746810\"><div id=\"jobbi-3567886112\"><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-5862940809620110\" crossorigin=\"anonymous\"><\/script><ins class=\"adsbygoogle\" style=\"display:block;\" data-ad-client=\"ca-pub-5862940809620110\" \ndata-ad-slot=\"\" \ndata-ad-format=\"auto\"><\/ins>\n<script> \n(adsbygoogle = window.adsbygoogle || []).push({}); \n<\/script>\n<\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>[ad_1] IDBI Trusteeship has filed application under Section 71(10) of the Companies Act, 2013. IDBI Trusteeship has dragged the troubled lender, Reliance Home Finance (RHF), a subsidiary of Anil Ambani group\u2019s Reliance Capital, to the National Company Law Tribunal (NCLT) Mumbai, claiming payment of Rs 2,850 crore with interest for the debentures issued by the [&hellip;]<\/p>\n","protected":false},"author":348,"featured_media":3281,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-3280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry"],"_links":{"self":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/3280","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/users\/348"}],"replies":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/comments?post=3280"}],"version-history":[{"count":0,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/3280\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media\/3281"}],"wp:attachment":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media?parent=3280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/categories?post=3280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/tags?post=3280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}