Piramal Capital and Housing Finance Ltd has withdrawn the insolvency proceedings against Reliance Power Ltd.
Piramal Capital and Housing Finance Ltd has withdrawn the application made against Reliance Power Ltd under section 7 of the Insolvency and Bankruptcy Code 2016, a BSE filing stated.
This follows an out-of-court settlement between both the companies over a Rs 526 crore loan default by Reliance Power and its subsidiary Reliance Natural Resources Ltd (RNRL).
