Comments
The administrator of Reliance Capital has written to the NCLT asking them to direct the Hinduja Group to facilitate the funding for and complete formalities concerning the insolvency proceedings within 90 days.
In its letter to the NCLT, RCap has asked the tribunal to correct an “error” in its February 27 order approving IndusInd International Holdings’ (Hinduja Group company) resolution plan for RCap. As per the order, IndusInd International was to make the payment within 90 days after obtaining approvals from regulatory authorities such as SEBI, RBI and IRDAI.
The NCLT is set to hear RCap’s plea on March 11. The Hinduja Group has already applied to RBI and SEBI and is expected to receive their go-ahead soon, however, the IRDAI nod could take some time, businessline had earlier reported.
RCap is looking to ensure that the 90-day timeline begins from the date of the order, ie February 27 and not after the approvals come in.
“It is submitted that NCLT rules to rectify and/or correct the clerical and inadvertent error and/or to make such order as may be necessary for meeting the ends of justice or to prevent the abuse of the process of this Tribunal,” said the letter accessed by businessline.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.