NCLT Approves Hinduja Group’s Resolution Plan For Reliance Capital

NCLT’s division bench approves IndusInd International’s resolution plan in an oral order today
NCLT Approves Hinduja Group’s Resolution Plan For Reliance Capital

India’s National Company Law Tribunal (NCLT) approved Hinduja Group’s resolution plan for bankrupt Reliance Capital Ltd.

The NCLT’s division bench, led by Justice Virendra Singh Bisht and Technical Member Prabhat Kumar, approved Hinduja Group-owned IndusInd International Holdings Ltd.'s resolution plan in an oral order today. The detailed order is awaited.

The NCLT, which had reserved its order in January, was set to announce the verdict today.

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

As of 8 June 2023, the administrator admitted claims of 25,345 crore Indian rupees (about $3.05 billion) from the creditors.

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

Note: $1 = 82.8768 Indian rupees

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