New Delhi: The administrator of debt-ridden Reliance Capital (RCap) has moved NCLT, seeking a 90-day extension beyond the deadline to implement the resolution plan submitted by the successful bidder, the Hinduja Group. The deadline for the implementation of the approved resolution plan was May 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.
The National Company Law Tribunal (NCLT) Mumbai on February 27 approved the resolution plan of IndusInd International Holdings Ltd. The tribunal had approved Hinduja Group firm IndusInd International Holdings Ltd’s (IIHL) Rs9,650-crore resolution plan for Reliance Capital.