Anil Ambani’s debt-ridden Reliance moves NCLT to implement Rs 96500000000 resolution plan, seeks...

Anil Ambani’s debt-ridden Reliance Capital (RCap) has been trying to implement the Rs 9650 crore resolution plan submitted by the successful bidder Hinduja Group's IndusInd International Holdings Limited (IIHL). National Company Law Tribunal (NCLT) on February 27, 2024, approved the plan and directed IIHL to implement it within 90 days ending May 27, 2024. However, RCap has now moved NCLT, seeking a 90-day extension beyond the deadline to implement it. If approved, then the new deadline for the resolution plan for Reliance Capital will be August 27, 2024.

"This is to inform the stakeholders that an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016 for seeking an extension of 90 days from May 27, 2024, for the implementation of the Approved Resolution Plan was filed before the NCLT by the successful resolution applicant," the company said in a regulatory filing.

Reliance Capital had a debt of over Rs 40,000 crore. In November 2021, the Reserve Bank (RBI) superseded the board of Reliance Capital on governance issues and payment defaults by the Anil Dhirubhai Ambani Group company. The central bank had appointed Nageswara Rao Y as the administrator, who invited bids in February 2022 to take over the company.

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Four applicants had initially bid with resolution plans. However, the committee of creditors rejected all four plans for lower bid values, and a challenge mechanism was initiated in which IIHL and Torrent Investments participated.

(With inputs from PTI)