This company of Anil Ambani to be sold by…., NCLT makes big announcement, the company is….

The National Company Law Tribunal (NCLT) has directed banks and the monitoring committee to resolve all pending issues related to the ownership transfer of debt-ridden Reliance Capital to IIHL by March 12.

Written by: Analiza Pathak Edited by: Analiza Pathak

Updated: February 26, 2025, 11:02 PM IST

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https://www.india.com/business/this-company-of-anil-ambani-to-be-sold-by-nclt-makes-big-announcement-the-company-is-indusind-international-holdings-ltd-reliance-capital-7642798/ Copy

This company of Anil Ambani to be sold by...., NCLT makes big announcement, the company is....

In a major development, the National Company Law Tribunal (NCLT) has directed banks and the monitoring committee to resolve all pending issues related to the transfer of debt-ridden Reliance Capital’s ownership to IndusInd International Holdings Ltd. (IIHL) by March 12. The Mumbai bench of NCLT conducted a hearing on Wednesday regarding Reliance Capital’s resolution process and instructed all parties involved to complete all procedural formalities before the next hearing on March 12, as per a report in livehindustan.com.

A spokesperson from IIHL stated that to demonstrate its commitment to the deal, the company voluntarily offered to infuse Rs. 2,750 crore as equity capital into Reliance Capital’s account. The tribunal accepted this proposal. Additionally, the court directed all stakeholders, including the Committee of Creditors (CoC), Monitoring Committee, IIHL, and the Administrator, to finalize all remaining procedures by the deadline.

Multiple meetings held

Since the last hearing on February 10, the Monitoring Committee has held seven meetings to discuss different phases of implementing the approved resolution plan.

IIHL had emerged as the highest bidder for Reliance Capital in April 2023, with a winning bid of Rs. 9,650 crore under the Corporate Insolvency Resolution Process (CIRP) as per India’s Insolvency and Bankruptcy Code (IBC).

With this acquisition, IIHL aims to triple its banking, financial services, and insurance (BFSI) business from the current USD 15 billion (as of September 30, 2024) to USD 50 billion over the next five years.

IIHL has already secured approvals from key regulatory bodies, including:

• Reserve Bank of India (RBI)
• Insurance Regulatory and Development Authority of India (IRDAI)
• Stock and commodity market regulators

Why was reliance capital taken over?

In November 2021, the Reserve Bank of India (RBI) removed the board of Reliance Capital, a company from Anil Dhirubhai Ambani’s group, due to operational issues and loan defaults.

The RBI appointed Nageswara Rao Y as the Administrator, who then invited bids for the company’s acquisition in February 2022. Now, with IIHL set to take over, the final procedural hurdles are expected to be cleared by March 12, 2025.