Reliance Capital News: Anil Ambani’s debt-ridden company, Reliance Capital, will be sold by the end of this month. The National Company Law Tribunal (NCLT) has approved the acquisition request made by IndusInd International Holdings Limited (IIHL). As a result, IIHL is set to acquire Reliance Capital by February 26. According to sources from the news agency PTI, during the hearing at NCLT, IIHL confirmed the submission of necessary documents and the financial closure for the implementation of Reliance Capital’s resolution plan.

Next Hearing on February 26
Earlier, during the initial hearing, NCLT had accepted IIHL’s petition to achieve closure by February 26, 2025. The next hearing has been scheduled for February 26, where discussions will take place regarding the final closure of the approved resolution plan and the transfer of control of Reliance Capital and its subsidiaries to IIHL.

Monitoring Committee’s Meeting Today
Sources mentioned that the administrator of Reliance Capital will call for a meeting of the monitoring committee on Tuesday to execute documents for funding and begin withdrawing funds by the targeted closure date. According to sources, IIHL’s lenders from the Hinduja Group have assured that they are ready to withdraw the remaining amount of ₹4,300 crore to complete the payment of ₹9,861 crore for the creditors of Reliance Capital Limited (RCL) under the resolution plan.

More than 58% of the Amount Deposited
IIHL has already deposited more than 58% of the resolution plan amount in various escrow accounts. IIHL emerged as the successful resolution applicant to acquire the distressed financial services firm in April 2023, winning a bid of ₹9,650 crore.