NCLT Set To Issue Order On Hinduja Group’s Resolution Plan For Reliance Capital

India’s National Company Law Tribunal (NCLT) is likely to pronounce its order on Hinduja Group’s resolution plan for bankrupt Reliance Capital Ltd. on Tuesday.

The matter related to the approval of Hinduja Group-owned IndusInd International Holdings Ltd.’s resolution plan for Reliance Capital is listed before the Mumbai bench of the NCLT on 27 February for pronouncement of order, the non-bank lender said in a stock exchange announcement. It didn’t disclose the financial details.

The NCLT’s division bench, led by Justice Virendra Singh Bisht and Technical Member Prabhat Kumar, is expected to pronounce its ruling on the resolution plan.

The matter was reserved for orders following the hearing on the application for approval of the resolution plan on 11 January.

IndusInd International’s resolution plan was approved by Reliance Capital’s creditors in June 2023 by a majority voting. The company’s Administrator Nageswara Rao Y later submitted creditors-approved resolution plan with the NCLT for its approval.

The NCLT had admitted Reliance Capital under the corporate insolvency resolution process in December 2021 under the provisions of the Insolvency and Bankruptcy Code.

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