NEW DELHI: Reliance Home Finance Ltd (RHFL) on Saturday said that it has defaulted on a loan of over Rs 40 crore from Punjab & Sind Bank even though it has enough cash and cash equivalents that, nevertheless, cannot be used due to a court order.
The Anil Ambani company defaulted on the loan from PSB on February 15, 2021, and the current default is for Rs 40 crore and an interest of Rs 15 lakh. RHFL’s total obligation on the 5-year tenure secured term loan at 9.25 per cent per annum is Rs 200 crore.
RHFL said that while it has net cash of more than Rs 1,500 crore, “the delay in debt servicing is due to prohibition on the company to dispose of, alienate, encumber..., or otherwise part with possession of any assets, pursuant to the November 20, 2019 order passed by the Delhi High Court”.