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NCLT approves Hinduja Group’s resolution plan for Reliance Capital takeover

Thehindubusinessline

Thehindubusinessline · 1y ago

NCLT approves Hinduja Group’s resolution plan for Reliance Capital takeover

The National Company Law Tribunal (NCLT) has approved IndusInd International Holdings' resolution proposal for acquiring Reliance Capital. The Hinduja Group company has been given 90 days to implement the resolution, pending regulatory and other approvals. The proposal includes an upfront cash payment of ₹9,650 crore and an additional amount for the benefit of the creditors. The transaction is subject to approval from several regulatory authorities, including the RBI, SEBI, IRDAI, and CCI. Once completed, Hinduja Group will own the majority shares in Reliance Capital, which will no longer be listed on the stock exchange.

Related News

NCLT dismisses Anil Dhirubhai Ambani Ventures’ plea to block use of ‘Reliance’ brand by Hinduja Group

Livemint

Livemint · 9m ago

The National Company Law Tribunal (NCLT) has rejected Anil Dhirubhai Ambani Ventures' plea to prevent the Hinduja Group from using the 'Reliance' brand in its takeover of Reliance Capital. The dispute arises from a 2014 licensing agreement that allowed Reliance Capital to use the brand for 10 years. Although the agreement was terminated in June 2021, NCLT’s order permits the Hinduja Group to use the brand for three years. Anil Dhirubhai Ambani Ventures argues that the brand is not an asset under the Insolvency and Bankruptcy Code and was not consulted on the decision. The resolution plan, worth ₹9,681 crore, has not yet been implemented.

Anil Dhirubhai Ventures moves NCLT in Reliance Capital case | Mint

Livemint

Livemint · 12m ago

Anil Dhirubhai Ventures moves NCLT in Reliance Capital case | Mint

Anil Dhirubhai Ambani Ventures Pvt. Ltd (ADAVL) has filed an application in the National Company Law Tribunal (NCLT) requesting them to direct IndusInd International Holdings Ltd (IIHL) to stop using the brand 'Reliance' after the resolution plan is executed. In February, IIHL's takeover of Reliance Capital was approved by the NCLT, allowing them to use the brand for three years. ADAVL argues that the brand agreement does not create any ownership rights for Reliance Capital and requests the immediate cessation of brand usage by IIHL. ADAVL also claims that they weren't involved in the resolution plan discussions. The matter will be heard by the NCLT on Tuesday.

Reliance Capital resolution: CoC warns of remedial action against IIHL

YourStory

YourStory · 1y ago

Reliance Capital resolution: CoC warns of remedial action against IIHL

Lenders of Reliance Capital have warned IndusInd International Holdings, the Hinduja Group arm, for failing to comply with the National Company Law Tribunal (NCLT)-imposed conditions. These conditions included depositing Rs 250 crore in an escrow account by July 31. The deadline was missed, and lenders have reserved their rights and remedies as per the resolution plan submitted. IIHL was given an extension until August 10 to meet the conditions set by the NCLT, Mumbai, for its bid on Reliance Capital, which has a debt of over Rs 40,000 crore.

NCLT directs RBI, DIPP to expedite approvals for Hinduja’s takeover of Reliance Capital | Mint

Livemint

Livemint · 1y ago

NCLT directs RBI, DIPP to expedite approvals for Hinduja’s takeover of Reliance Capital | Mint

The National Company Law Tribunal (NCLT) has directed the Reserve Bank of India (RBI) and the Department of Industrial Policy and Promotion (DIPP) to expedite approvals for the acquisition of Reliance Capital by IndusInd International Holdings Ltd (IIHL), owned by Hinduja group. The NCLT emphasized the importance of these approvals for the release of funds as part of the resolution plan. The Hindujas had requested an extension to navigate the complexities of the plan's execution. Various approvals from regulatory bodies like Sebi and Irdai also require renewal. The next hearing is scheduled for 28 August.

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

Livemint

Livemint · 1y ago

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

The National Company Law Tribunal (NCLT) has granted permission to Reliance Capital's administrator to seek directions for the completion of payment by IndusInd International Holdings Ltd, as per the approved resolution plan. This comes after concerns were raised about the implementation of the plan. The resolution plan by Hinduja Group's IndusInd International Holdings worth ₹9,650 crore was approved last month, but pending regulatory approvals have delayed the process. The NCLT's directive highlights the importance of adhering to approved timelines in insolvency and bankruptcy proceedings.

RCap resolution: NCLAT seeks Hinduja’s reply on lenders’ plea to forfeit equity | Mint

Livemint

Livemint · 11m ago

RCap resolution: NCLAT seeks Hinduja’s reply on lenders’ plea to forfeit equity | Mint

The National Company Law Appellate Tribunal (NCLAT) has issued notice to IndusInd International Holdings Ltd (IIHL), a Hinduja Group company, regarding a plea filed by lenders of Reliance Capital seeking forfeiture of ₹2,750 crore of equity if IIHL fails to implement the resolution plan. The lenders are also seeking interest payment on the debt component of ₹7,300 crore. The matter will be heard on 30th September. The lenders have been at odds with Hinduja Group over the implementation of the plan, which involves IIHL taking over Reliance Capital for ₹9,861 crore.

NCLT Mumbai approves sale of Reliance Communications' real estate assets, shares

Livemint

Livemint · 1y ago

NCLT Mumbai approves sale of Reliance Communications' real estate assets, shares

The National Company Law Tribunal (NCLT) in Mumbai has approved the sale of certain real estate properties and shares owned by Reliance Communications (RCom). The resolution professional of RCom had sought the NCLT's endorsement for the sale of unencumbered assets. The assets include the Chennai Haddow Office, land parcels in Ambattur and Pune, an office space in Bhubaneswar, and investments in shares of Campion Properties and Reliance Realty. The proceeds from the sale will be distributed during the execution of the approved resolution plan or liquidation.

Reliance Capital administrator seeksimplementation of IIHL's resolution plan

Livemint

Livemint · 1y ago

Reliance Capital administrator seeksimplementation of IIHL's resolution plan

Reliance Capital's administrator has filed a petition with the National Company Law Tribunal (NCLT), requesting the tribunal to direct IndusInd International Holdings Ltd (IIHL) to implement its resolution plan by 10 August. IIHL's failure to comply with the 23 July order and its delay tactics prompted the administrator to take this action. The debt-ridden Reliance Capital was admitted into insolvency in December 2021, and the successful implementation of the resolution plan is crucial for both the lenders and the banking sector. The NCLT is expected to address the matter on Wednesday.

Lenders refuse to extend RCap resolution deadline as Hindujas delay repayment

Livemint

Livemint · 1y ago

Lenders refuse to extend RCap resolution deadline as Hindujas delay repayment

Lenders have declined the Hinduja Group's request to extend the repayment deadline for Reliance Capital's dues. The lenders suspect a deliberate attempt to delay the resolution plan implementation. The deadline remains set for May 27th. The Hinduja Group cited regulatory and legal clearances as reasons behind the delay in making full payment for the acquisition. However, the lenders are not willing to extend the deadline and have expressed concerns about the group's intentions. The resolution plan implementation is subject to necessary approvals from statutory, regulatory, and judicial bodies.

NCLAT sets aside plea filed against NCLT order approving sale of Reliance Broadcast Network

Livemint

Livemint · 7m ago

NCLAT sets aside plea filed against NCLT order approving sale of Reliance Broadcast Network

The National Company Law Appellate Tribunal (NCLAT) has dismissed appeals against the National Company Law Tribunal (NCLT) order approving bids of Sapphire Media for Reliance Broadcast Network Ltd. The NCLAT upheld the NCLT's approval of Sapphire Media's resolution plan for Reliance Broadcast, which operates FM radio business under the brand Big 92.7 FM. The unsuccessful resolution applicants had challenged the process adopted by the resolution professional but the NCLAT found no irregularities and dismissed the appeals. The resolution plan of Sapphire Media was approved by the Committee of Creditors and forwarded to the NCLT, which approved it.

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