HINDUJA GROUP BANKRUPTCY
Reliance Capital lenders set out conditions to grant extension to Hindujas
Lenders of Reliance Capital, promoted by Anil Ambani, have submitted an affidavit to the bankruptcy court stating conditions for granting a 90-day extension to the winning bidder, a Hinduja Group entity. The extension would require depositing Rs 2,750 crore into a lender's escrow account and paying 12% interest on the Rs 9,660-crore offer. The National Company Law Tribunal is scheduled to consider Hinduja Group's plea for the extension on Tuesday. Earlier, NCLT had instructed Hinduja Group's IndusInd International Holdings (IIHL) to execute the plan by May 27th.
Reliance Cap resolution: NCLT to hear IIHL plea for deadline extension on June 20
The National Company Law Tribunal (NCLT) will hear a plea from Hinduja Group firm IIHL on June 20 for an extension of the deadline to complete Reliance Capital's resolution. IIHL, the successful bidder for Reliance Capital, seeks a 90-day extension beyond the May 27, 2024 deadline set by NCLT Mumbai for completing the Rs 9,650-crore resolution plan. Reliance Capital, the financial services arm of Anil Ambani Group, had its board superseded by the RBI in November 2021, and IIHL's resolution plan was approved by NCLT in February 2024.
Reliance Capital administrator seeks 90-day extension from NCLT to implement resolution plan
Reliance Capital's administrator has filed a request for a 90-day extension to implement a resolution plan submitted by the Hinduja Group, which was approved by the National Company Law Tribunal (NCLT) Mumbai. The resolution plan, approved by the tribunal, was for IndusInd International Holdings Ltd's Rs 9,650-crore plan. Reliance Capital's board was replaced by the Reserve Bank in November 2021 due to governance issues and payment defaults. The company's debt is over Rs 40,000 crore.
IIHL seeks RBI approval to pledge 100% of RCap's shares
IndusInd International Holdings (IIHL), a holding company of IIHL BFSI (India), received the NCLT nod to buy the financial services firm for ₹9,661 crore.
IRDAI nod likely soon for IIHL's buyout of Reliance Capital's three insurance arms
IRDAI expected to approve IndusInd International Holdings' acquisition of Reliance Capital's 3 insurance companies. NCLT endorsed IIHL's ₹9,650 crore resolution plan for Reliance Capital. Hinduja Group's Aasia Enterprises aids in equity infusion.
Hinduja company taps Japanese banks to fund Reliance Capital buy
Japanese banks may derive comfort from Reliance Capital's association with Nippon Life, a joint venture partner of the former, according to the sources. The two together run a life insurance joint venture in India.
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NCLT directs IIHL to complete Reliance Capital’s resolution plan within 90 days
The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday allowed an application filed by the administrator of Reliance Capital and directed Hinduja Group-owned IndusInd International Holdings Ltd (IIHL) to implement the resolution plan for the financial services holding company by May 27.
Reliance Capital lenders' counsel asks Hindujas to roll out IBC plan
The National Company Law Tribunal (NCLT) approved the ₹9,650 crore resolution plan of IIHL in its order dated February 27. Torrent Investments, which was the other bidder in the fray, has contested the resolution process, and the matter is pending before the Supreme Court.
NCLT clears IndusInd International's Rs 9,650 crore bid for RCap; lenders to take 63 pc haircut
IndusInd International Holdings had submitted its plan in June 2023 in the second round of bidding for the debt-laden company that was originally promoted by Anil Ambani.
NCLT approves Hinduja Group’s revival plan for Anil Ambani-promoted Reliance Capital
The bankruptcy court in Mumbai approved the acquisition of Reliance Capital by IndusInd International Holdings Ltd. A monitoring committee will be formed to monitor the plan implementation. The Supreme Court is involved in a dispute between Torrent Investments and Hinduja Group bids.
NCLT set to pronounce ruling on Hinduja group's resolution plan for Reliance Capital
The bankruptcy court in Mumbai is expected to announce its ruling on Tuesday regarding the application filed by the administrator of Reliance Capital Ltd for the approval of its acquisition by IndusInd International Holdings Ltd through the insolvency resolution process.
Hindujas may borrow ₹4,000 crore to fund Reliance Capital purchase
The group's acquisition of Reliance Capital is pending necessary court and regulatory approvals. Its offer of ₹9,650 crore was approved by the committee of creditors (CoC) in July last year, subject to requisite approvals.
RBI clears resolution plan for debt-ridden Reliance Capital
IIHL had emerged as the highest bidder with an offer of Rs 9,650 crore to take over debt-ridden Reliance Capital in the second round of auction concluded in April. The Reserve Bank of India (RBI) on November 29, 2021, superseded the board of Reliance Capital in view of payment defaults and serious governance issues.
Hindujas eye $35-40 billion valuation of their BFSI business
The Hinduja group is eying a valuation of $35-40 billion for its banking, financial services, and insurance (BFSI) business. Ashok Hinduja, stated that their promoter company, IndusInd International Holdings Ltd (IIHL), will expand into the BFSI sector to become a full-stack financial giant. The group has already acquired a controlling stake in a bank in the Bahamas and received approval for a banking license in Mauritius. IIHL has successfully bid for buying the debt-ridden Reliance Capital.
Brookfield, Cerberus, Deutsche Bank among lenders keen to fund Hindujas’ Reliance Capital bid
While major lenders have offered term sheets of up to ₹6,000 crore, smaller funds have shown interest in providing loans ranging from ₹800 crore to ₹1,000 crore, contributing to the larger financing package.
IRDAI objects to Hinduja Group pledging shares of insurance company to acquire Reliance Capital
Hinduja Group is in talks with offshore lenders to raise $800mn (Rs 6,660 crore equivalent) to acquire the finance company under the Insolvency and Bankruptcy Code, the people said. Lenders have unanimously voted in favour of a Rs 9,660-crore plan offered by IIHL in June.
IRDAI objects to IndusInd Holdings' pledging plan to buy Reliance Cap
Hinduja Group is in talks with offshore lenders to raise $800 m (₹6,660 crore equivalent) to acquire the finance company under the Insolvency and Bankruptcy Code, the people said. Lenders have unanimously voted in favour of a ₹9,660-crore plan offered by IIHL in June.
Torrent approaches the SC to expedite a hearing on its appeal in Reliance Capital's insolvency resolution case
Veteran lawyer Shardul Shroff has approached the Supreme Court on behalf of Torrent Investments in order to expedite the hearing on the company's application to stay the second challenge mechanism in the corporate insolvency resolution process for Reliance Capital.
SC refuses to stay NCLAT proceedings looking to approve Hinduja's resolution plan to acquire Reliance Capital
Gujarat-based Torrent Investments had emerged as the highest bidder with its Rs 8,640 crore in the initial bidding, but a day later the Hinduja Group through IndusInd International submitted a revised bid of Rs 9,000 crore and the same was approved by the lenders in April. Torrent’s appeal against the IndusInd’s RP is pending before the SC.
Reliance Capital lenders approve Rs 200 crore capital infusion in Reliance General
The committee of creditors of Reliance Capital approved last week a proposal to infuse capital – a move that would help the private insurer to retain its market share in the non-life industry. Reliance General Insurance is the most valuable asset through which lenders hope to recover a substantial part of their dues, and any dip in its valuation would correspondingly lower the company's valuation, said one of the lenders.
Hinduja Group firm receives RCAP lenders' support in round 2
Lenders of debt-ridden Reliance Capital Limited (RCAP) are expected to recover upfront cash of Rs 9,661 crore from Hinduja Group firm IndusInd International Holdings Ltd (IIHL). The Hinduja Group made the highest cash offer and along with cash balance of RCAP resulting 65% recovery for the lenders . The resolution plan is expected to be filed in the National Company Law Tribunal (NCLT) Mumbai next week.
Reliance Capital lenders to vote on Hinduja arm resolution plan from today
The Hinduja Group entity, Indusind International Holdings Ltd. separately will also seek Reserve Bank of India consent for the plan asRBI's 'fit and proper' endorsement is needed for acquirers of financial services companies in bankruptcy resolution exercises.
Lenders vote for equitable distribution of proceeds from sale of Reliance Capital
The majority of Reliance Capital lenders Monday agreed on equitable distribution of proceeds among assenting and dissenting creditors, a move aimed to discourage negative voting on the plan, said people aware of the development. Lenders expect a recovery of about Rs 10,090 crore from the sale of Anil Ambani promoted financial services company, which is below the liquidation value pegged at Rs 12,500-13,000 crore.
Hinduja sole bidder for Reliance Capital with ₹9,650 cr offer
Torrent Investments and Oaktree Capital didn't submit bids, although they had indicated earlier that they would participate in the process, the people said.
Lenders of Reliance Capital to meet on Monday to consider bidders' concerns
According to sources, both the bidders have made it clear to the Committee of Creditors (CoC) that unless the issues raised by them are duly resolved to their complete satisfaction, they are unlikely to participate in the second round of auction.
RCAP resolution plan hits roadblock as bidders upset over another auction plan
The plan of debt-ridden Reliance Capital's lenders to conduct a second round of auction has hit a roadblock, as bidders are apparently not inclined to another round under the insolvency resolution process. The apex court has listed the matter regarding the second auction for a hearing in the month of August.
Torrent vs Hinduja fight for Reliance Capital may reach NCLAT doors
The bankruptcy court Thursday allowed an application filed by Torrent Investments challenging the lender's decision to hold a second auction for the sale of Reliance Capital and a late improved offer from Hinduja group after the auction concluded on December 21 for the same bankrupt company.
Lenders to meet on Tuesday to discuss bids for Reliance Capital's acquisition
In an e-auction conducted under the Challenge Mechanism, Torrent had presented a resolution plan for Reliance Capital Ltd (RCL) with a net present value of Rs 8,640 crore, while Hinduja's offer was Rs 8,110 crore.
Hinduja Group ups its bid to Rs 9,500 crore to acquire debt-ridden Reliance Capital
Mail sent to Hinduja Group did not elicit response till filing of the story. Earlier this week, the Ahmedabad-based Torrent group emerged the highest bidder by putting a bid of Rs 8,640 crore to acquire Anil Ambani group's NBFC entity.
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