NEW DELHI: Piramal Capital and Housing Finance Ltd has withdrawn the insolvency proceedings against Anil Ambani-promoted Reliance Power Ltd following an out-of court settlement of a Rs 526 crore loan default by the latter, according to a BSE filing.
Piramal Capital withdrew the application made against Reliance Power and its subsidiary Reliance Natural Resources Ltd (RNRL), which was merged with Reliance Power in 2010, under the Insolvency and Bankruptcy Code 2016. RNRL merged with Reliance Power.
RNRL had defaulted on the loan originally taken from Dewan Housing Finance Corporation Ltd (DHFL), which was acquired by the Piramal group in 2021 and merged with Piramal Capital and Housing Finance.
