Lenders extend ICA for Reliance Home Finance resolution till March 31
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Last Updated: Dec 29, 2020, 11:59 AM IST
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As per June 7 circular of the RBI, lenders can extend the time period of the pact if an account has not been resolved within 180 days of signing ICA.
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Lenders have decided to further extend the bidding timeline till January 31, 2021, in order to accommodate the four non-compliant bidders, sources added.
New Delhi: Lenders to troubled mortgage firm
Reliance Home Finance (RHF) have extended the inter-creditor agreement (ICA) for another three months. Reliance Home Finance, part of Anil Ambani-promoted Reliance Group, recently got bids from six suitors as part of the debt resolution process.
CG power s promoter Murugappa Group has signed a definitive agreement for settlement of lender dues and restructuring. On November 21, TII informed the stock exchanges about the execution of requisite binding agreements, including Master Implementation-Cum-Compromise Settlement Agreement (Agreement) dated November 20, by CG Power, the Company and the lenders of CG Power, for one-time settlement and restructuring of funded facilities and guaranteed debt of CG Power. TII informed the BSE today that pursuant to the terms and conditions of the agreement, CG Power s resolution of outstanding obligation towards its lenders, in accordance with the terms set out in Reserve Bank of India (Prudential Framework for Stressed Asset) Directions, 2019, has been completed by payment of the upfront consideration of Rs 650 crore to the Lenders as compromise settlement.