Reliance capital lenders to get funds back in FY25

MUMBAI: Reliance Capital‘s lenders will receive the proceeds from the company’s sale to the Hinduja group only in the next financial year. They had earlier asked for the purchase consideration to be paid in March to enable them to book revenues during the current financial year.

IndusInd Holdings, a Hinduja company and the winning bidder, has written to the administrator of Reliance Capital stating that implementing the resolution plan for a company of Reliance Capital’s size and scale in less than a month and 10 days (from the date of the NCLT order) is ‘not only untenable and impractical, but unimaginable’.
In a letter to the administrator, IndusInd Holdings director Moses Harding said that the company remains committed to implementing the resolution plan in accordance with the NCLT order dated Feb 27, 2024 and within the timelines.
On Wednesday, the NCLT allowed an application seeking a correction regarding the 90-day period for implementing the resolution plan.