Reliance Capital lenders ask Hinduja Group arm IIHL to stick to resolution plan deadline, seek ₹9,650 crore

According to PTI, astatine a gathering held connected Friday the lenders of Reliance Capital person asked IndusInd International Holdings to marque a outgo of ₹9,650 crore by the owed date.

ALSO READ: IRDAI raises interest implicit Hinduja Group-led IIHL bid for Reliance Capital

It is to beryllium noted that the National Company Law Tribunal (NCLT)-Mumbai, portion approving the solution program connected February 27, directed the IIHL to instrumentality the solution program wrong 90 days i.e. May 27. 

As per the solution plan, the Hinduja Group institution has to marque an upfront outgo of ₹9,650 crore to the Reliance Capital lenders.

The lenders person expressed concerns implicit the dilatory advancement towards the implementation of RCAP solution plan, arsenic IIHL is yet to person the important IRDAI approval, said the PTI study citing sources.

The IRDAI (Insurance Regulatory and Development Authority of India) has raised concerns implicit the projected firm operation for the transportation of RCAP's security businesses -- i.e. Reliance General Insurance and Reliance Nippon Life Insurance -- to IndusInd International Holdings.

IIHL is yet to code those concerns.

ALSO READ: NCLT approves Hinduja's acquisition of bankrupt Reliance Capital

The Reserve Bank of India (RBI) support connected transportation of Reliance Capital concern to IIHL granted connected November 17 is valid for a play of lone six months and volition expire connected May 17. 

In case, IIHL fails to implicit the solution process wrong the fixed timeline, it volition person to springiness reasons for the aforesaid to the RBI portion reapplying for caller approval. 

In November 2021, the RBI superseded the committee of Reliance Capital connected governance issues and outgo defaults by the Anil Dhirubhai Ambani Group company. The cardinal slope had appointed Nageswara Rao Y arsenic the administrator, who invited bids successful February 2022 to instrumentality implicit the company.

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Published: 28 Apr 2024, 07:47 PM IST