Countdown to Rebirth: NCLT's March 12 Deadline for Reliance Capital's Transformation

The National Company Law Tribunal (NCLT) has directed the lenders and the monitoring committee to complete all procedural issues by March 12 for an ownership transfer of Anil Ambani's Reliance Capital, which is heavily indebted, to IndusInd International Holdings Limited. IIHL is the successful resolution applicant that made a successful bid of ₹9,650 crores in April 2023 and has voluntarily offered to inject ₹2,750 crores worth of equity capital into RCAP's account. Before the next hearing, the NCLT has requested that all stakeholders formalize their outstanding issues. After the acquisition, IIHL seeks to expand its banking, financial services, and insurance business to USD 50 billion within the next five years. 

 

Source: The Economic Times