IndusInd Int’l Seeks More Time To Implement Reliance Capital’s Resolution Plan

IndusInd International Holdings Ltd. asked the National Company Law Tribunal (NCLT) for more time to implement bankrupt Reliance Capital Ltd.’s resolution plan.

IndusInd International, a part of Hinduja Group, filed an application before the NCLT seeking a 90-day extension from 27 May for the implementation of the company’s approved resolution plan, Reliance Capital said in a stock exchange announcement today.

The non-bank lender said the NCLT heard the matter yesterday and the company is awaiting the order copy.

The NCLT approved IndusInd International’s resolution plan for Reliance Capital in February 2024. The resolution plan was approved by Reliance Capital’s creditors in June 2023 by a majority vote and later the company’s Administrator Nageswara Rao Y submitted creditors-approved plan to the NCLT for its approval.

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

As of 8 June 2023, the administrator admitted claims of 25,345 crore Indian rupees (about $3 billion) from the creditors.

Note: $1 = 83.2771 Indian rupees

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