NCLT to Hear IIHL's Plea for Reliance Capital Resolution Extension

The National Company Law Tribunal (NCLT) will hear Hinduja Group's IIHL plea for a 90-day extension to complete Reliance Capital's Rs 9,650-crore resolution plan. Initially approved on February 27, 2024, with a May 27, 2024, deadline, IIHL seeks additional time for implementation.

In a crucial development, the National Company Law Tribunal (NCLT) is set to review Hinduja Group firm IIHL's plea on June 20, seeking an extension for finalizing Reliance Capital's resolution.

IIHL, the successful bidder, aims to complete the Rs 9,650-crore resolution plan initially approved on February 27, 2024, with a deadline of May 27, 2024.

IIHL has requested a 90-day extension to meet the requirements. Reliance Capital, burdened with a debt of over Rs 40,000 crore, had earlier seen bid rejections in a challenging mechanism involving IIHL and Torrent Investments.