Reply to Hinduja plea through June 3, NCLT asks RCap lenders – Business Information

The Mumbai bench of the National Company Law Tribunal (NCLT), hearing a petition filed by Hinduja Group for an extension to the May 27 deadline to close the bankruptcy proceedings of Reliance Capital, has directed the Committee of Creditors (CoC) to file its response by June 3. 

The tribunal has also directed the CoC not to take any action, including encashing of the Rs 483-crore bank guarantee given by IndusInd International Holdings Ltd (IIHL), till the next hearing, sources briefed on the matter said. “This is an extension, even though a new deadline has not been given,” they said, adding, NCLT is yet to give a written order.

The tribunal also said IIHL, the group firm through which Hinduja Group had placed bids for RCap, can continue to seek all regulatory approvals required.

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Separately on Thursday, RCap said in a regulatory update that NCLT heard the petition filed by the resolution applicant (IIHL) on Wednesday. “We are awaiting a copy of the order…,” it said.

The petition seeking an extension was opposed by the CoC and administrator. The matter will come up for hearing again on June 6. 

Earlier, IIHL, which had received the crucial approval from the insurance regulator to conclude the acquisition of RCap’s three insurance companies, had asked the CoC to provide it more time as the approvals came with conditions.

 A lawsuit challenging the second e-auction filed by Torrent Group, is pending before the Supreme Court and needs to be concluded. The apex court is slated to hear the case next month, sources had told FE earlier.

Further, the firm also needs approvals for a change in proposed holding structure, they added.

Earlier, the administrator of RCap had moved the RBI seeking a 10-day extension to the deadline, which ended on May 17, to transfer businesses of the former Anil Ambani group company to the successful bidder.