NCLT urges RBI, DIPP to speed up approvals for RCap resolution plan
The National Company Law Tribunal on Monday directed the Reserve Bank and Department of Industrial Policy and Promotion to expedite the approval process to implement Reliance Capital's resolution plan by Hinduja Group-promoted IndusInd International Holdings.
The NCLT Mumbai bench also directed IndusInd International Holdings Limited (IIHL) and the Committee of Creditors (CoC) to jointly hold a meeting to decide steps to be taken for the implementation of the same.
The National Company Law Tribunal (NCLT) -- comprising Justice Virendrasingh G Bisht and Justice Prabhat Kumar -- directed the Reserve Bank and DIPP to expedite 'the consideration of the approvals' to IIHL that are needed for implementing the RCaP resolution plan.
The tribunal was hearing a petition filed by the Hindujas, seeking modification of its July 23 order and an 'extension to complete the obligations' for implementing the resolution plan.
After IIHL breached the third deadline on May 27, the NCLT on July 23 exten
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