New Delhi: The National Company Law Tribunal (NCLT) on Thursday deferred the matter regarding the plea of Hinduja group company IIHL to extend the deadline to complete the resolution of Reliance Capital till June 25.
IndusInd International Holdings Limited (IIHL), the financial services arm of Anil Ambani Group, is the successful bidder for the resolution of debt-ridden Reliance Capital.
The case was heard on Thursday and the NCLT bench directed the matter to be listed on June 25, 2024, Reliance Capital said in a regulatory filing.
The successful resolution applicant sought an extension of 90 days from May 27, 2024, for implementation of the approved resolution under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016. The plan, it said.
Following the application filed by IIHL, NCLT heard the case on June 13 and June 20.
In November 2021, the Reserve Bank of India dissolved the board of Reliance Capital over governance issues and payment defaults by the Anil Dhirubhai Ambani group company.
The central bank had appointed Nageswara Rao Y as administrator, inviting bids in February 2022 to acquire the company.
Reliance Capital had a debt of over Rs 40,000 crore and four applicants had initially bid with resolution plans.
However, the committee of creditors rejected all four plans for low bid values, and a challenge mechanism was initiated in which IIHL and Torrent Investments participated.
IndusInd International Holdings Limited (IIHL), the financial services arm of Anil Ambani Group, is the successful bidder for the resolution of debt-ridden Reliance Capital.
The case was heard on Thursday and the NCLT bench directed the matter to be listed on June 25, 2024, Reliance Capital said in a regulatory filing.
The successful resolution applicant sought an extension of 90 days from May 27, 2024, for implementation of the approved resolution under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016. The plan, it said.
Following the application filed by IIHL, NCLT heard the case on June 13 and June 20.
In November 2021, the Reserve Bank of India dissolved the board of Reliance Capital over governance issues and payment defaults by the Anil Dhirubhai Ambani group company.
The central bank had appointed Nageswara Rao Y as administrator, inviting bids in February 2022 to acquire the company.
Reliance Capital had a debt of over Rs 40,000 crore and four applicants had initially bid with resolution plans.
However, the committee of creditors rejected all four plans for low bid values, and a challenge mechanism was initiated in which IIHL and Torrent Investments participated.
