RCap Lenders Withdraw Petition Against IndusInd International Holdings at NCLAT

New Delhi: Lenders of debt-ridden Reliance Capital have withdrawn petition filed against IndusInd International Holdings Ltd (IIHL) before appellate tribunal NCLAT.

The Committee of Creditors (CoC) of Reliance Capital has informed NCLAT that the resolution plan was completely implemented by IIHL with the transfer of complete payment amounts in terms of the resolution plan. The CoC sought permission of the National Company Law Appellate Tribunal to withdraw its appeal filed against the NCLT order, in consideration of the completion of the implementation of the resolution plan by IIHL. While allowing CoC's application for withdrawal, NCLAT noted counsel appearing for the administrator as well as IIHL had no objection towards this. "In the circumstances, the said application stands allowed. Accordingly, the appeal is disposed of as withdrawn. Pending applications, if any, are also disposed of," said a two-member bench comprising Justice Yogesh Khanna and Ajai Das Mehrotra in its order passed on March 24, 2025.

IIHL had emerged as the successful resolution applicant with the highest bid of Rs9,650 crore in April 2023 for acquiring the troubled financial services firm under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code (IBC). However, in terms of the resolution plan and plan approval order, the resolution plan was required to be implemented by IIHL on or before May 27, 2024. This timeline was extended till August 10, 2024. "During the extended period, steps were taken by IIHL, with cooperation from the Administrator of the Corporate Debtor (RCap) and the CoC towards implementation of the resolution plan and a process note capturing the implementation steps was submitted by IIHL, as agreed upon by the parties and as approved by the CoC," submitted lender's counsel, which was also noted by NCLAT in its order.