The deadline for the implementation of the approved resolution plan was May 27, 2024.
NEW DELHI:
The administrator of debt-ridden Reliance Capital (RCap) has moved NCLT, seeking a 90-day extension beyond the deadline to implement the Rs 9,661 crore resolution plan submitted by the successful bidder, the Hinduja Group.
The deadline for the implementation of the approved resolution plan was May 27, 2024.
“This is to inform the stakeholders that an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016 for seeking an extension of 90 days from May 27, 2024, for the implementation of the Approved Resolution Plan was filed before the NCLT by the successful resolution applicant,” the company said in a regulatory filing.
Last week, the administrator had approached the Reserve Bank to seek a 10-day extension of the deadline to transfer businesses to a successful bidder — a Hinduja Group company, sources said.
The deadline for the transfer of Reliance Capital’s asset to Aasia Enterprises, a Hinduja Group company, had ended on the last Friday,
The RBI approval granted on November 17, 2023, was valid for only 6 months.