Reliance Home Finance Ltd (RHFL) on Saturday said it has defaulted on a loan of over Rs 40 crore from Punjab & Sind Bank even as the company has enough cash and cash equivalent which it cannot use due to a court order.

The Anil Ambani-controlled Reliance Capital’s subsidiary defaulted on the loan on February 15, 2021, and the current amount of default is Rs 40 crore alongside an interest of Rs 15 lakh.

The company’s total obligation is of Rs 200 crore on a five-year tenure secured term loan at 9.25 per cent per annum from Punjab & Sind Bank, RHFL said in a regulatory filing.