Reliance capital lenders to get funds back in FY25

Mar14,2024


Mumbai: Reliance Capital'S lenders will receive the proceeds from the sale of the company Hinduja Group Only in the next financial year. They had earlier asked for payment on purchases to be made in March so that they could book revenue during the current financial year.

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Hinduja Company and winning bidder IndusInd Holdings have written to the administrator of Reliance Capital, saying that the resolution plan for a company of the size and scale of Reliance Capital should be implemented in less than a month and 10 days (from the date of the NCLT order). ) ) is 'not only untenable and impractical, but also unimaginable'.
In a letter to the administrator, IndusInd Holdings director Moses Harding said the company is committed to implementing the resolution plan as per the NCLT order dated February 27, 2024 and within the timelines.
On Wednesday, NCLT allowed an application seeking correction regarding the 90-day period for implementing the resolution plan.



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