Lenders to Reliance Capital accuse Hinduja's IIHL of using delaying tactics

Lenders to debt-ridden Reliance Capital Ltd (RCAP) have alleged that Hinduja Group firm IIHL is indulging in delaying tactics, resulting in slowdown in implementation of the resolution plan.

Mauritius-based IndusInd International Holdings Ltd (IIHL) emerged as a successful bidder for acquisition of Reliance Capital.

The NCLT Mumbai on February 27, 2024, approved IIHL's Rs 9,861-crore resolution plan for the debt-ridden financial firm.

According to sources, lenders claimed that IIHL's move to seek approval from the Department of Industrial Policy and Promotion (DIPP) is an afterthought.

It was not even a part of conditions set out by the NCLT while approving the resolution plan on February 27, 2024.

The message sent to IIHL for comments on the issue did not elicit response till the filing of the story.

According to sources, 90 days have passed since IIHL submitted the application with DIPP, but the approval is still pending.

DIPP approval is required as some of the shareholders o