New Delhi: The National Company Law Tribunal (NCLT) will hear on June 20 the plea of Hinduja group company IIHL to extend the deadline to complete the resolution of Reliance Capital.
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 National Company Law Tribunal Mumbai Bench on February 27, 2024 approved the Rs 9,650 crore resolution plan for Reliance Capital and set the completion deadline for May 27, 2024.
IIHL has moved NCLT seeking a 90-day extension from the deadline to implement the resolution plan.
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, Reliance Capital said in a regulatory filing
The case was heard by NCLT on June 13, 2024 and the bench directed to list the matter on June 20.
In November 2021, the Reserve Bank 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 National Company Law Tribunal Mumbai Bench on February 27, 2024 approved the Rs 9,650 crore resolution plan for Reliance Capital and set the completion deadline for May 27, 2024.
IIHL has moved NCLT seeking a 90-day extension from the deadline to implement the resolution plan.
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, Reliance Capital said in a regulatory filing
The case was heard by NCLT on June 13, 2024 and the bench directed to list the matter on June 20.
In November 2021, the Reserve Bank 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.
