IndusInd International Holdings Poised to Acquire Reliance Capital Amid Procedural Delays

The National Company Law Tribunal granted a brief extension for parties to complete procedural tasks for Reliance Capital's ownership transfer to IndusInd International Holdings. The extension, due to banking holidays, allows necessary completion by March 20, 2025, with a further hearing on March 25. IIHL seeks to grow its BFSI portfolio.

The National Company Law Tribunal (NCLT) has extended the deadline by eight days for completing procedural formalities related to the ownership transfer of the financially troubled Reliance Capital to IndusInd International Holdings Ltd (IIHL).

During a session held in Mumbai, the NCLT received a joint status update from the committee of creditors, the appointed administrator, and IIHL regarding the progress of the resolution plan's implementation. The tribunal urged all parties involved to finalize the process by March 20, 2025, and set the next hearing for March 25.

Reliance Capital, under RBI-imposed administration since late 2021 due to governance issues and defaults, had its takeover bid won by IIHL for Rs 9,650 crore under the Corporate Insolvency Resolution Process. The acquisition, following regulatory approvals earlier this year, aims to strengthen IIHL's BFSI portfolio.

(With inputs from agencies.)