The Hinduja Group, the successful resolution applicant of debt-laden Reliance Capital (RCap), has filed a fresh plea seeking additional time for the completion of the insolvency process.
It said that there were no delays from its part and the process now requires a number of statutory and regulatory approvals.
IndusInd International Holdings (IIHL), a Hinduja group firm, filed an interlocutory application (IA) before the National Company Law Tribunal’s (NCLT) Mumbai bench on Wednesday. While the plea did not specify a new timeline, IIHL intends to seek 2-3 months’ extension when it comes up for hearing, lawyers briefed on the matter told FE.
In the plea, IIHL also said that it had proved its bona fides by submitting a on-demand bank guarantee of `483 crore to the administrator and Committee of Creditors (CoC) at least 10 months ago.
The Hinduja Group is yet to get all regulatory and statutory approvals for completion of the process, which is “not in the hands of the applicant” alone.
The applications for the approvals have to be made jointly by the administrator, monitoring committee and IIHL, the plea said.
IIHL needs regulatory approvals from NCLT, Government of India, Pension Fund Regulatory and Development Authority, Competition Commission of India, Insurance Regulatory and Development Authority of India, RBI and Sebi for completion of the process.
The total resolution consideration amount is `9,861 crore, of which IIHL had proposed to pay `7,300 crore as debt, `2,500 crore by way of overseas equity infusion, and `250 crore by Cyqure India, the Indian entity implementing the resolution plan, it said.
Earlier in May, Hinduja Group chairman Ashok P Hinduja said that IIHL had tied up the funds needed for the deal — with a consortium of banks having given a letter stating they will provide the money within 48 hours of all approvals.
Hearing a plea filed by the Hinduja Group on May 23, NCLT has provided an extension to the May 27 deadline to complete the resolution process, even though the tenure of the extension was not specified.
The tribunal had also directed the CoC not to take any action, including encashing of the `483-crore bank guarantee.