Reliance Capital again defaults on payment to bondholders
Reliance Capital has again failed to build interest payment for non-convertible debentures (NCDs) due on March 28 and March 29, 2021 till now. With this default, the non-bank loaner has didn’t build payment to bondholders a minimum of fifty times within the current year (FY21).
The Reliance Capital had earlier invited expressions of interest for their main assets. However, no final deal has been reached to this point with the resolution candidates. the corporate has cited legal hurdles for not having the ability to proceed with its plus monetization, that successively resulted in a very delay within the debt service.
“The company is unable to proceed with plus monetization thanks to prohibition on the corporate to get rid of, alienate, limit either directly or indirectly or otherwise spare the possession, of any assets except within the normal course of business like payment of wage and statutory dues,” Reliance Capital aforementioned on March 30, Tuesday.