Piramal Capital drags Anil Ambani companies to NCLT over unpaid dues

Reliance Natural Resources had defaulted on a loan of Rs 526.1 cr from DHFL before it was taken over by Piramal Capital last September for Rs 34,250 cr

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According to Piramal’s debt resolution plan, any recovery from loans under default will not go to the lenders but to Piramal, leading to litigation from 63 Moons — one of the lenders to DHFL

Dev Chatterjee Mumbai

3 min read Last Updated : Mar 21 2022 | 11:31 PM IST

Piramal Capital and Housing Finance (PCHFL) has filed bankruptcy proceedings against Anil Ambani-owned Reliance Power (RPL) and its subsidiary Reliance Natural Resources (RNRL). The case has been filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) 2016, in the National Company Law Tribunal (NCLT) Mumbai, to recover dues.

RNRL had defaulted on a loan of Rs 526.1 crore taken from DHFL. The housing finance company was later taken over by the Ajay Piramal-owned Piramal Capital in September 2021 for Rs 34,250 crore. Soon after the acquisition, Dewan Housing Finance Corporation (DHFL) was merged with PCHFL. PCHFL has initiated recovery proceedings against several defaulters of DHFL.

Incidentally, Piramal’s son Anand Piramal is married to Anil Ambani's niece and older brother Mukesh