At a hearing today, the tribunal was informed by the Committee of Creditors (CoC), Administrator, and IndusInd International Holdings Ltd (IIHL) that the first two legs of the transaction—issuance of ₹2,500 crore in equity shares to IIHL BFSI India and nominees and the transfer of insurance company shares to Aasia and IIHL for ₹3,000 crore—had been successfully completed.
The procedural documentation for the remaining ₹4,500 crore is currently underway. However, due to upcoming banking holidays in Mauritius and India, all stakeholders agreed to a seven-day extension.
Also Read: IIHL set to acquire debt-ridden Reliance Capital by Feb 26, administrator to hold meeting on Tuesday
With all regulatory approvals already in place, the completion now depends on final documentation. The NCLT directed all parties to complete the implementation by March 20 and scheduled the next hearing for March 25.
In April 2023, IIHL emerged as the successful resolution applicant by winning the bid for Reliance Capital under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code (IBC) with an offer of ₹9,650 crore.
Earlier this year, IIHL secured all requisite regulatory approvals from the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (Irdai), and relevant stock and commodity exchanges.
Also Read: Reliance Capital Insolvency Case: NCLT directs IIHL to transfer ₹2,750 crore before August 10
Reliance Capital was placed under RBI-appointed administration in November 2021 due to governance lapses and payment defaults associated with the Anil Dhirubhai Ambani Group. The central bank appointed Nageswara Rao Y as the administrator, who subsequently invited bids for the company’s takeover in February 2022.
