NCLT To Hear IndusInd International Plea On Reliance Capital Resolution Next Week

India’s National Company Law Tribunal (NCLT) will hear IndusInd International Holdings Ltd.’s (IIHL) application seeking more time to implement bankrupt Reliance Capital Ltd.’s resolution plan next week.

The NCLT heard the matter on 13 June and directed to list it for further hearing on 20 June, Reliance Capital said in a stock exchange announcement.

IIHL, a part of Hinduja Group, earlier filed an application before the NCLT seeking a 90-day extension from 27 May for the implementation of Reliance Capital’s approved resolution plan.

The NCLT approved IIHL’s resolution plan for Reliance Capital in February 2024. The resolution plan was approved by Reliance Capital’s creditors in June 2023 by a majority vote and later the company’s Administrator Nageswara Rao Y submitted creditors-approved plan to the NCLT for its approval.

The NCLT admitted Reliance Capital under the corporate insolvency resolution process (CIRP) in December 2021 under the provisions of the Insolvency and Bankruptcy Code.

As of 8 June 2023, the administrator admitted claims of 25,345 crore Indian rupees (about $3 billion) from the creditors.

Note: $1 = 83.5457 Indian rupees

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