In a significant development, the National Company Law Tribunal (NCLT), Mumbai Bench, has admitted Reliance Home Finance Limited (RHFL) for corporate insolvency resolution proceedings. The order was passed on 16th September on a petition filed by Invent Assets Securitisation & Reconstruction Pvt. Ltd., a financial creditor to the company.
The tribunal, comprising Judicial Member Nilesh Sharma and Technical Member Sameer Kakar, found that Reliance Home Finance had defaulted on a debt amounting to ₹7.80 crore, which includes interest. The default date has been set as December 4, 2024.
The financial debt originated from an Inter-Corporate Loan Facility Agreement dated April 1, 2023, with Reliance Commercial Finance…