Lenders to Anil Ambani’s Reliance said the company will have to pay them Rs 9650 crore by the said date.
Anil Ambani’s debt-ridden Reliance Capital may lose three companies as Insurance Regulatory and Development Authority of India (IRDAI) is expected to approve IndusInd International Holdings' acquisition of Reliance Capital's three insurance companies. According to a report by the Economic Times, IRDAI believes that Reliance Capital is a big non-banking financial company that is going through bankruptcy proceedings that needs to be closed within the time frame. For those who are unaware, the lenders of debt-ridden Reliance Capital (RCAP) have asked IIHL to expedite the process of obtaining necessary regulatory approvals and stick to the resolution plan deadline of May 27.
In a meeting with senior officials of IIHL, lenders to Anil Ambani’s Reliance said the company will have to pay them Rs 9650 crore by the said date, a source said. To recall, Anil Ambani’s Reliance Capital secured a buyout offer of Rs 9650 crore from Hinduja Group a few months ago. As Hinduja Group is in talks to borrow Rs 8000 crore to acquire Anil Ambani’s Reliance Capital under the bankruptcy code, an investor in Reliance Capital has filed a writ petition in the Bombay High Court challenging NCLT order.
Earlier this week, in a meeting with senior officials of IIHL, lenders to Anil Ambani’s Reliance said the company will have to pay them Rs 9,650 crore by the said date, a source said. It is noteworthy that the National Company Law Tribunal (NCLT), Mumbai, while approving the resolution plan on February 27, had directed IIHL to implement the resolution plan within 90 days i.e. by May 27. As per the approved resolution plan, IIHL will have to make an upfront payment of R 9,650 crore to the RCAP lenders.
According to sources, lenders expressed concern over the slow progress towards implementation of the RCAP resolution plan, as IIHL is yet to receive key IRDAI approvals on the resolution plan. IRDAI has raised several questions and concerns over the proposed corporate structure to transfer RCAP's insurance businesses to IIHL, and the company has not yet addressed those concerns.
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