RCap administrator requests that NCLT pay Hinduja by May 28

<p>The National Company Law Tribunal (NCLT) has received an appeal from the administrator of Reliance Capital’s (RCap) insolvency proceedings, requesting that it order the Hinduja Group to pay the resolution plan’s amount by May 28.</p>
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<p>The appeal, which was submitted to the Mumbai bench of the tribunal, asks that the previous order—which said that payment was due within 90 days—be corrected. The appeal is scheduled for consideration by the tribunal on March 11.</p>
<p>The resolution plan that IndusInd International Holdings (IIHL), the company that the debt-ridden Hinduja Group, the victorious bidder for the corporation, had filed, was accepted by the tribunal on February 27. According to the ruling, the 90-day payment term will begin after IIHL has received all necessary clearances for the resolution process, including those from the Securities and Exchange Board of India, Reserve Bank of India, and Insurance Regulatory and Development Authority of India.</p>
<p>The administrator, however, desires that the judgment date be the start of the 90-day countdown. The adjustment is requested for the T-plus 90 days, with T serving as the NCLT approval date, per the appeal dated March 2.</p>
<p>Hindujas was urged by RCap’s committee of creditors (CoC) on March 5 to put the resolution plan into action by the end of this month. The CoC members include Yes Bank and Life Insurance Corporation of India (LIC). This complied with the conversations the CoC had with Hindujas. IIHL pledged on December 13, 2023, to carry out the resolution plan and pay the lenders by March 31. Representatives from IIHL subsequently reaffirmed this at a meeting of the CoC on December 22, 2023.</p>
<p>With a staggering 99.6% of the votes cast in favor of the Mauritius-registered IIHL, the resolution plan presented to RCap lenders was accepted in June 2023.</p>