Reliance Capital's lenders' legal advisors ask Hinduja Group to submit resolution plan before March 31, says report
Reliance Capital have formally communicated with Hinduja Group, insisting on the prompt implementation of the resolution plan before March 31, 2024, the Economic Times reported citing sources. Despite the bankruptcy court allowing a 90-day window for the winning bidder, IndusInd International Holdings (IIHL), the legal counsel from Luthra and Luthra Law Offices stressed the importance of adhering to the specified timeline. Also Read | Multibagger stock: Electrosteel Castings zoomed over 380% in a year; is there more upside left? IIHL did not respond to queries, the report said.
The National Company Law Tribunal (NCLT) approved the ₹9,650 crore resolution plan proposed by IIHL on February 27. Torrent Investments, the alternate bidder, has contested the resolution process, leading to ongoing proceedings in the Supreme Court. The NCLT order highlighted that the implementation timeline hinges on meeting the conditions precedent.
Also Read | IIFL Finance says Fairfax India to invest up to $200 million in liquidity support In a letter dated March 4, the legal counsel informed IIHL of pending documents and information related to regulatory approval from the Insurance Regulatory and Development Authority of India (IRDAI), the report said. The letter urged IIHL to furnish the necessary information to facilitate the approval process, it added. IIHL had previously committed to executing the plan before March 31.
Lenders, eager to showcase improved recovery for the fourth quarter, emphasised the significance of timely implementation. A partner from one of the Big Four firms told the paper that, typically, the winning bidder aligns their payment with the stipulated timeline in the plan. Also Read | Seven Indians stuck on
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