Reliance Home Finance Limited has informed the Exchange about Intimation regarding the commencement of Corporate Insolvency Resolution Process of Reliance Home Finance Limited (In CIRP) and appointment of the Interim Resolution Professional by the Hon'ble NCLT, Mumbai Bench Court VI under the Insolvency and Bankruptcy Code, 2016.
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Awaiting price reaction for this filing.
Reliance Home Finance Limited has been admitted into the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The NCLT Mumbai Bench (Court VI) has ordered the commencement of the insolvency process and appointed an Interim Resolution Professional (IRP) to manage the company's affairs. From this point, the powers of the board of directors are suspended and the IRP takes control of the company. Creditors will now need to submit their claims as part of the resolution process.
This is a major negative event for shareholders — equity holders are typically the last in line during insolvency resolution and may face significant dilution or total loss of their investment. The stock is likely to see sharp volatility, and existing lenders will take priority over shareholders in any recovery.