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