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    HomeBusinessCommittee of Creditors likely to extend deadline for submission of RCap resolution...

    Committee of Creditors likely to extend deadline for submission of RCap resolution plans 

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    Money & Banking

    Our Bureau | Mumbai, June 8 | Updated on: Jun 08, 2022

    Some of the applicants, including Piramal Enterprise and IndusInd International Holdings, are understood to have sought more time to submit their resolution plans

    The Committee of Creditors of Reliance Capital is likely to further extend the deadline for submission of resolution plans. The current due date of June 20 could be extended to August 10.

    This comes after a few of the resolution applicants, including Piramal Enterprise Ltd and IndusInd International Holdings, sought additional time to submit their resolution plans.

    According to sources, Piramal Enterprise Ltd has written to the Administrator of the company to extend the deadline to August 10 to help it complete the due diligence exercise.

    IndusInd International Holdings, which has also sought more time to submit its resolution plan, wants the deadline extended to July 15.

    Of the 54 bidders, only three, the consortium led by PEL, IndusInd International Holdings and Yes Bank, are understood to be in active discussions with the CoC for submission of resolution plans.

    IndusInd International Holdings had put in bids for both the options for resolution of Reliance Capital — at the group level as well as at the cluster level for clusters 1 and 2. The consortium led by Piramal and Yes Bank have also bid for both the options.

    Published on June 08, 2022

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