NCLT approves Hinduja Group’s revival plan for Anil Ambani-promoted Reliance Capital
The National Company Law Tribunal (NCLT) approved the proposal of IndusInd International Holdings Ltd (IIHL), a Hinduja Group entity, to acquire bankrupt Reliance Capital Ltd, marking a significant milestone in the prolonged acquisition process.
Last July, IIHL, the promoter of IndusInd Bank, had placed a bid of ₹9,861 crore to acquire Reliance Capital, which was subsequently approved by the administrator. The bid also received overwhelming support from creditors, with a 99% majority voting in favour.
However, Hinduja was embroiled in a legal battle with Ahmedabad-based Torrent Investments regarding the submission of bids under the corporate insolvency resolution process (CIRP).
