NCLT Defers Extension Plea for Reliance Capital Resolution to June 25

The National Company Law Tribunal (NCLT) has postponed the hearing for Hinduja Group's plea to extend the deadline for completing Reliance Capital's resolution to June 25, 2024. IndusInd International Holdings Ltd (IIHL) is the approved bidder for the debt-ridden Reliance Capital, an Anil Ambani Group company.

In a significant development, the National Company Law Tribunal (NCLT) on Thursday deferred Hinduja Group firm IIHL's plea for extending the deadline for Reliance Capital's resolution until June 25, 2024. IndusInd International Holdings Ltd (IIHL) had emerged as the successful bidder for the debt-laden financial services arm of the Anil Ambani Group.

The matter was heard on Thursday, and the NCLT Bench ordered it to be listed again on June 25, 2024, according to Reliance Capital's regulatory filing. The extension sought by IIHL under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, was for 90 days from May 27, 2024, for the execution of the approved resolution plan.

The NCLT has been considering this matter since June 13, following an application by IIHL. The move to resolve Reliance Capital's financial status stems from the Reserve Bank of India's intervention in November 2021, due to governance issues. Initially, four applicants bid to take over the company, but only IIHL and Torrent Investments remained after the committee of creditors' rejection of the lower bid values.

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