NCLT decision may fast-track RCap resolution process

THE NATIONAL COMPANY LAW Tribunal (NCLT) on Wednesday allowed an appeal by Reliance Capital (RCap)'s administrator seeking a correction in the 90-day period for implementation of the resolution plan.

- RAJESH KURUP

It will lead to a faster closure of the resolution process, which started in November 2021.The Hinduja Group, the successful applicant for the debt-laden firm, has to implement the resolution plan by May 27.

The tribunal's Mumbai bench which heard the case on Wednesday said the 90-day period for the implementation of the plan will now start from the date of its earlier order. In its order on February 27, the tribunal had said the 90-day period would start after the group gets all regulatory approvals.