NCLT allows RCap administrator’s plea on implementation of resolution plan

Mumbai: The National Company Law Tribunal on Wednesday allowed a plea by Reliance Capital's administrator, seeking directions to the Hinduja Group's IndusInd International Holdings Ltd to complete payment for the takeover in accordance with the resolution plan by 28 May. On 27 February, the NCLT gave its nod to Hinduja Group’s IndusInd International Holdings to take over the debt-laden Reliance Capital under the corporate insolvency resolution process of the IBC. “Thus, Hinduja's commitment to meeting the deadlines will likely be influenced by the NCLT's directive, reinforced by the legal obligation to fulfill the terms of the approved resolution plan.” Alagh added that while the regulatory approval process may pose challenges to the timely execution of resolution plans, the NCLT's intervention in this case underscores the importance of adhering to approved timelines. NCLT’s 27 February order states that IRDA approval was required for a change in the control of Reliance General Insurance Co. Ltd, Reliance Health Insurance Co. Ltd, and Reliance Nippon Life Insurance Co.