by The deadline for completing the debt resolution plan of Anil Ambani’s company Reliance Capital may be extended. In this regard, the National Company Law Tribunal (NCLT) will hear the application of Hinduja Group firm IIHL on June 20. IndusInd International Holdings Ltd (IIHL) made a successful bid to resolve the debt of Anil Ambani group’s debtor financial services firm Reliance Capital.
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Request for 90 day extension
Let us know that on February 27, 2024 for Reliance Capital Rs. While approving the Rs 9,650 crore resolution plan, NCLT’s Mumbai bench set a deadline of May 27, 2024 for its completion. However, the IIHL could not complete the resolution process by this deadline and requested the tribunal to extend it by 90 days. The NCLT directed to list the cases on June 20 after hearing the petition on Thursday.
What did Reliance Capital say?
Reliance Capital, in a communication to the stock exchange, said that under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, the successful resolution applicant has sought an extension of 90 days from May 27, 2024 to implement the approved resolution plan.
RBI acted in 2021
Let it be known that in November, 2021, the Reserve Bank dismissed the board of directors of the Anil Ambani Group company on issues related to working management and payment defaults. The central bank appointed Nageshwar Rao Y as administrator of Reliance Capital, which invited bids in February 2022.
How much is the loan?
On Reliance Capital Rs. 40,000 crore in debt and four applicants initially bid with a resolution plan. However, this resolution plan with lower bid prices was rejected by the committee of creditors. After this, another round of bidding took place in which IIHL along with Torrent Investments also participated. However, the IIHL later took over.
