Reliance Capital lenders press Hinduja Group arm on resolution deadline

02 May 2024 CW Team

The lenders of debt-ridden Reliance Capital (RCAP) expressed concern over the slow progress and urged IndusInd International Holdings, a Hinduja Group arm, to expedite the process of obtaining necessary regulatory approvals and adhere to the resolution plan deadline of May 27. In a meeting held in Mumbai on Friday with the senior officials of IndusInd International Holdings' (IIHL), it was conveyed by the lenders of RCAP that the company had to make a payment of Rs 96.50 billion to them by the specified date, according to a source.

It was noted that the National Company Law Tribunal (NCLT) Mumbai, while approving the resolution plan on February 27, had directed the IIHL to implement the resolution plan within 90 days, i.e., by May 27.

As per the approved resolution plan, IIHL was required to make an upfront payment of Rs 96.50 billion to the RCAP lenders.

According to sources, concerns were expressed by the lenders regarding the sluggish progress towards the implementation of RCAP's resolution plan, as IIHL had not yet received crucial IRDAI approval on the resolution plan.

The IRDAI had raised multiple queries and concerns regarding the proposed corporate structure for the transfer of RCAP's insurance businesses to IIHL, and the company was yet to address those concerns.

The approval of IRDAI was crucial for the transfer of Reliance Capital's insurance businesses, namely Reliance General Insurance and Reliance Nippon Life Insurance, to IIHL. The RBI approval for the transfer of RCAP's business to IIHL was also due to expire on May 17. The approval granted on November 17 had a validity of only six months.

If IIHL fails to complete the resolution process within the stipulated timeline, it would be required to provide reasons for the delay to the RBI while reapplying for fresh approval.

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