Reliance Capital Resolution: IIHL Deadline Plea Deferred By NCLT To June 25

IndusInd International Holdings Ltd. had its plea for the deadline extension for the completion of resolution of Reliance Capital and Finance Trust Ltd. deferred by the National Company Law Tribunal on Thursday.

IIHL is the successful bidder for the resolution of debt-ridden Reliance Capital, the financial services arm of Anil Ambani Group.

The matter was heard on Thursday and the NCLT Bench further directed the matter to be listed on June 25, Reliance Capital said in a regulatory filing.

The successful resolution applicant under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016 sought an extension of 90 days from May 27, 2024 for the implementation of the approved resolution plan, the filing said.

Following the application moved by the Hinduja Group firm, the NCLT heard the matter on June 13 and June 20.

In November 2021, the Reserve Bank of India superseded the board of Reliance Capital on governance issues and payment defaults by the Anil Dhirubhai Ambani Group company.

The central bank had appointed Nageswara Rao as the administrator, who invited bids in February 2022 to take over 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 lower bid values, and a challenge mechanism was initiated in which IIHL and Torrent Investments participated.

(With inputs from PTI)