Reliance Capital has defaulted on interest payments of term loans amounting to ₹624.61 crore. In a regulatory filing on Monday, it said the term loans of ₹523.98 crore was from Housing Development Finance Corporation and ₹100.63 crore from Axis Bank.

The interest accruing on the HDFC loan amounts to ₹4.77 crore and to the Axis Bank loan ₹0.71 crore. The default took place on October 31.

“The company is unable to proceed with asset monetisation, resulting in delay in debt servicing, due to prohibition on the company to dispose off, alienate, encumber either directly or indirectly or otherwise part with the possession, of any assets except in the ordinary course of business such as payment of salary and statutory dues, pursuant to order dated November 20, 2019, passed by the Delhi High Court, and orders dated December 3, 2019, and December 5, 2019, passed by the Debts Recovery Tribunal, Mumbai, and order dated November 4, 2020, passed by the Bombay High Court,” Reliance Capital said in the filing.

Its total amount of outstanding borrowings from banks and financial institutions amount to ₹690.00 crore, including accrued interest up to October 31, 2020.

The total financial indebtedness of the listed entity, including short-term and long-term debt, amounts to ₹20,077.14 crore, including accrued interest up to October 31, 2020.

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