The National Company Law Tribunal (NCLT) on Wednesday gave additional eight days to all parties to complete procedural issues for the ownership transfer of debt-ridden Reliance Capital (RCAP) to IndusInd International Holdings Ltd (IIHL). The Mumbai-bench of NCLT heard the matter and a joint status update was given by the committee of creditors, administrator, and IIHL on the progress of the implementation of the resolution plan.
The NCLT advised all parties to ensure completion of the implementation process by March 20, while granting the extension and posted the matter for further hearing on March 25, 2025.
The procedural documentation and filings for the last leg of the transaction for the remaining Rs 4,500 crore is under process. However, due to the upcoming banking holidays, a seven-day extension was considered appropriate by all parties.
With this acquisition, IIHL intends to expand its banking, financial services, and insurance (BFSI) portfolio.
In April 2023, IIHL emerged as the successful resolution applicant by winning the bid for Reliance Capital under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code (IBC) with an offer of Rs 9,650 crore.
Earlier this year, IIHL secured all requisite regulatory approvals from the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (Irdai), and relevant stock and commodity exchanges.
Reliance Capital was placed under RBI-appointed administration since November 2021 due to governance lapses and payment defaults associated with the Anil Dhirubhai Ambani Group. The central bank appointed Nageswara Rao Y as the administrator, who subsequently invited bids for the company’s takeover in February 2022.
