Key Points
The legal counsel of the lenders to Reliance Capital has written to Hinduja Group requesting them to implement the resolution plan before the end of this month even as the bankruptcy court has given the winning bidder 90 days, said people with knowledge of the matter...
In a letter dated March 4, Luthra and Luthra Law Offices requested IndusInd International Holdings (IIHL) to ensure that "in line with its own commitment, the resolution plan is implemented on or before March 31, 2024"...
The National Company Law Tribunal (NCLT) approved the 9,650 crore resolution plan of IIHL in its order dated February 27..
The NCLT order, however, stated, "Since the implementation of the resolution plan is subject to the satisfaction of the conditions precedent (CP), the timeline of 90 days from the NCLT approval date shall automatically stand extended by such number of days as are required for the satisfaction of the CP."..
In the letter to IIHL, the legal counsel stated that "certain documents and information in relation to regulatory approval (IRDAI) continue to be pending at IIHL's end.".
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