IndusInd Triumph: Reliance Capital's Debt Resolution Achieves Milestone

Lenders of Reliance Capital withdrew their petition against IndusInd International Holdings Ltd (IIHL) after IIHL fully implemented the resolution plan with a Rs 9,650 crore bid. The National Company Law Appellate Tribunal recorded the successful takeover, marking a significant step in resolving the debt-ridden firm's financial challenges.

Lenders of financially struggling Reliance Capital have retracted their petition against IndusInd International Holdings Ltd (IIHL) at the National Company Law Appellate Tribunal (NCLAT). The decision came after IIHL successfully executed its resolution plan.

The Committee of Creditors (CoC) confirmed that the full payment according to the resolution plan was completed by IIHL. The CoC therefore sought NCLAT's approval to withdraw their appeal against an earlier order by the National Company Law Tribunal (NCLT).

The NCLAT, acknowledging the withdrawal and noting no objections from involved parties, has disposed of the appeal. This marks a milestone in the corporate insolvency resolution process for the debt-laden Reliance Capital, now under the management of IIHL.

(With inputs from agencies.)