Lenders of debt-laden Reliance Capital (RCAP) have pressed IndusInd International Holdings Ltd (IIHL), a Hinduja Group entity, to accelerate the process of obtaining regulatory approvals for the resolution plan. In a Mumbai meeting, lenders emphasized the need for IIHL to meet the May 27 deadline for a payment of Rs 9,650 crore as per the approved resolution plan. The National Company Law Tribunal (NCLT) had directed IIHL to implement the plan within 90 days. However, slow progress has been noted, particularly concerning IRDAI approval for the transfer of RCAP’s insurance businesses to IIHL. Failure to meet timelines may require reapplication to the RBI for fresh approval. NCLT approved IIHL’s Rs 9,650-crore resolution plan in February 2024, following RBI’s governance-related action against Reliance Capital in November 2021.
Lenders Urge Hinduja Group Arm to Hasten Reliance Capital Resolution
![](https://affairsace-media.s3.ap-south-1.amazonaws.com/2024/04/29103340/1653591395-2146-ezgif.com-avif-to-jpg-converter-1.jpg)