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As much as 99% of the votes were in favour of IndusInd International Holdings as lenders are expecting to recover more than 10,000 crore rupees. This would be a 65% recovery for the lenders. 

Reliance Capital debt crisis: Lenders vote in favour of Hinduja Group firm

As much as 99% of the votes were in favour of IndusInd International Holdings, as lenders are expecting to recover more than 10,000 crore rupees. This would be a 65% recovery for the lenders. 

As much as 99% of the votes were in favour of IndusInd International Holdings as lenders are expecting to recover more than 10,000 crore rupees. This would be a 65% recovery for the lenders.&nbsp;

Lenders of debt-ridden Reliance Capital have voted in favour of a resolution plan submitted by Hinduja Group firm IndusInd International Holdings Ltd (IIHL) which made the highest cash offer of Rs 9,661 crore in the second round of bidding.
As much as 99 per cent votes were in favour of IIHL as lenders expected to recover cash upfront of Rs 9,661 crore from the Hinduja Group entity, sources said.
Besides, sources said cash balance with Reliance Capital (RCAP) of over Rs 500 crore would also go to lenders. So, in all lenders are expected to receive about Rs 10,200 crore for distribution as against Rs 16,000 crore principal secured debt, resulting in 65 per cent recovery for the lenders, sources said.
RCAP Administrator is likely to file IIHL resolution plan in NCLT Mumbai next week as the deadline of July 15 to file is approaching. Voting on the IIHL resolution plan started on June 9 and ended on Thursday. The Committee of Creditors (CoC) had set a minimum bid amount of&nbsp; Rs 9,500 crore for the first round and Rs 10,000 crore for the second round (in April this year), with an additional Rs 250 crore for subsequent rounds.
The second round of auction was held on April 26 after the Supreme Court allowed the lenders to go ahead with the extended challenge mechanism in order to maximise the recovery from the sale of Reliance Capital's assets.
However, according to sources, any decision on the resolution of Reliance Capital by the CoC will be subject to the outcome of the SC's judgement in the appeal filed by Torrent Investments.
The resolution process of Reliance Capital was mired into litigation after the first round of auction. Following the closure of the first round, the Hinduja Group firm submitted the bid post auction date. The post-auction bid is being contested by Torrent Investments in the Supreme Court as it was the highest bidder in the first round of auction.
The Reserve Bank of India (RBI) on November 29, 2021, superseded the board of Reliance Capital in view of payment defaults and serious governance issues.
The RBI appointed Nageswara Rao Y as the administrator in relation to the Corporate Insolvency Resolution Process (CIRP) of the firm. Reliance Capital is the third large non-banking financial company (NBFC) against which the central bank has initiated bankruptcy proceedings under IBC. The other two were Srei Group NBFC and Dewan Housing Finance Corporation (DHFL).
The central bank subsequently filed an application for initiation of CIRP against the company at the Mumbai bench of NCLT. In February last year, the RBI-appointed administrator invited expressions of interest for the sale of Reliance Capital.

According to sources, the other two suitors -- Torrent Investments and Oaktree -- did not participate in the second round of auction

Hinduja Group emerges as the sole bidder for Reliance Capital 

Hinduja Group emerges highest bidder for Reliance Cap

The second round of auction was held on Wednesday after the Supreme Court allowed the lenders to go ahead with the extended challenge mechanism in order to maximise the recovery from the sale of Reliance Capital's assets&nbsp;

A Hinduja Group firm on Wednesday emerged as the sole bidder with an offer of Rs 9,650 crore to take over debt-ridden Reliance Capital in the second round of auction, sources said.
The bid by IndusInd International Holdings Ltd (IIHL) is higher than the Rs 8,640 crore offer made by Torrent Investments in the first round of auction held in December last year.
The other two suitors -- Torrent Investments and Oaktree -- did not participate in the second round of auction, sources said.
An e-mail sent to Hinduja Group for comment remained unanswered.
The Committee of Creditors (CoC) had set a minimum bid amount of Rs 9,500 crore for the first round and Rs 10,000 crore for the second round, with an additional Rs 250 crore for subsequent rounds.
The CoC had also put a condition that all bids must have a minimum of Rs 8,000 crore upfront cash payment, sources said, adding, the IIHL bid of Rs 9,650 crore is an all upfront cash bid.
The second round of auction was held on Wednesday after the Supreme Court allowed the lenders to go ahead with the extended challenge mechanism in order to maximise the recovery from the sale of Reliance Capital's assets.
However, according to sources, any decision on the resolution of Reliance Capital by the CoC will be subject to the outcome of the SC's judgement in the appeal filed by Torrent Investments.
The resolution process of Reliance Capital was mired into litigation after the first round of auction.
Following the closure of first round, the Hinduja Group firm submitted the bid post auction date.
IIHL offered an all-cash revised bid of Rs 9,000 crore after the completion of the auction as against an offer of Rs 8,110 crore in December. This was done even though lenders had expressed their intent to hold second round of auction.
This post-auction bid is being contested by Torrent Investments in the Supreme Court as it was the highest bidder in the first round of auction.
Torrent challenged IIHL's revised bid and the lenders' decision to conduct second round of auction in NCLT Mumbai. The NCLT ruled in favour of Torrent and the lenders of Reliance Capital challenged the order in NCLAT.
NCLAT ruled in favour of the lenders and allowed them to go for a second round of auction to maximise their recovery from the sale of Reliance Capital.
Torrent challenged the NCLAT order in the the Supreme Court, which refused to stay the NCLAT order and allowed the lenders to go ahead with second round of auction.
Meanwhile, the Mumbai-bench of National Company Law Tribunal (NCLT) has extended the deadline for completing the resolution process of RCap by three months to July 16.
The Reserve Bank of India (RBI) on November 29, 2021, superseded the board of Reliance Capital in view of payment defaults and serious governance issues.
The RBI appointed Nageswara Rao Y as the administrator in relation to the Corporate Insolvency Resolution Process (CIRP) of the firm.
Reliance Capital is the third large non-banking financial company (NBFC) against which the central bank has initiated bankruptcy proceedings under IBC. The other two were Srei Group NBFC and Dewan Housing Finance Corporation (DHFL).
The central bank subsequently filed an application for initiation of CIRP against the company at the Mumbai bench of NCLT.
In February last year, the RBI-appointed administrator invited expressions of interest for the sale of Reliance Capital.

Adani Finserve, ICICI Lombard, Tata AIG, HDFC Ergo, and Nippon Life Insurance are among the 54 prominent firms that have expressed interest to acquire debt-ridden Reliance Capital Ltd, promoted by the Anil Ambani Group, as per a PTI report.
The last date for submission of bids for the debt-ridden firm had been extended to March 25 from March 11 earlier by the Reserve Bank-appointed administrator.
Other bidders include Yes Bank, Bandhan Financial Holdings, Cholamandam Investment, OakTree Capital, Blackstone, Brookfield, TPG, KKR, Piramal Finance and Poonawala Finance, sources said.
The deadline was extended on the request of some prospective bidders who had sought more time to submit the Expressions of Interest (EoI), sources said.
The Reserve Bank of India (RBI) had on November 29 last year superseded the board of Reliance Capital Ltd (RCL) in view of payment defaults and serious governance issues.
This is the third large non-banking financial company (NBFC) against which the central bank has initiated bankruptcy proceedings under the Insolvency and Bankruptcy Code (IBC) recently. The other two were Srei Group NBFC and Dewan Housing Finance Corporation (DHFL).
According to the sources, a majority of the bidders, who have submitted EOIs, have bid for the entire company, while the others have bid for one or more subsidiaries of RCL.
The bidders had two options - either they could bid for the entire RCL or any one or more than one of the subsidiaries of Reliance Capital.
Reliance Capital's subsidiaries include Reliance General Insurance, Reliance Nippon Life Insurance, Reliance Securities, Reliance Asset Reconstruction Company, Reliance Home Finance and Reliance Commercial Finance.
Following the takeover of the board, the RBI appointed Nageswara Rao Y as the administrator in relation to the Corporate Insolvency Resolution Process (CIRP) of the company.
RBI subsequently filed an application for initiation of CIRP against the company at the Mumbai bench of the National Company Law Tribunal (NCLT).
Earlier in February this year, the RBI-appointed administrator had invited expressions of interest (EoIs) for sale of Reliance Capital.
In September, RCL in its annual general meeting (AGM) had informed shareholders that the company's consolidated debt was Rs 40,000 crore. It had reported narrowing of its consolidated net loss to Rs 1,759 crore in the quarter ended December 2021.
The company had posted a net loss of Rs 3,966 crore in the same quarter a year ago. However, net loss widened from Rs 1,156 crore in the preceding quarter ended September 2021. Total income of the company stood at Rs 4,083 crore in Q3FY22, down from Rs 4,890 crore in Q3FY21.
RCL was incorporated on March 5, 1986 and is registered as Non-Banking Financial Company Core Investment Company (CIC)-Non-Deposit Taking Systemically Important (NBFC-CIC-ND-SI) under the Reserve Bank of India Act, 1934. 

Adani, Tata AIG, ICICI Lombard among 54 prominent bidders for Reliance Capital

Adani, ICICI, Tata, and HDFC among the 54 prominent firms that have expressed interest to acquire debt-ridden Reliance Capital, promoted by the Anil Ambani Group

Who will buy Reliance Capital?

Adani Finserve, ICICI Lombard, Tata AIG, HDFC Ergo, and Nippon Life Insurance are among the 54 prominent firms that have expressed interest to acquire debt-ridden Reliance Capital Ltd, promoted by the Anil Ambani Group, as per a PTI&nbsp;report. The Reserve Bank of India (RBI) had on November 29 last year superseded the board of Reliance Capital Ltd (RCL) in view of payment defaults and serious governance issues.&nbsp;This is the third large non-banking financial company (NBFC) against which the central bank has initiated bankruptcy proceedings under the Insolvency and Bankruptcy Code (IBC) recently. The other two were Srei Group NBFC and Dewan Housing Finance Corporation (DHFL).

Reliance Capital is the third large NBFC&nbsp;against which the RBI has initiated bankruptcy proceedings recently.

Adani Finserve, ICICI Lombard, Tata AIG, HDFC Ergo, and Nippon Life Insurance are among the 54 prominent firms that have expressed interest to acquire debt-ridden Reliance Capital Ltd, promoted by the Anil Ambani Group, as per a PTI&nbsp;report.
Also read/watch |&nbsp;<a title="End of financial year 2022: Three things you must do before March 31" href="https://www.editorji.com/business-news/personal-finance/do-this-before-march-31-else-your-pan-card-will-become-inactive-1647865941712" target="_blank">End of financial year 2022: Three things you must do before March 31</a>
The last date for submission of bids for the debt-ridden firm had been extended to March 25 from March 11 earlier by the Reserve Bank-appointed administrator.
Other bidders include Yes Bank, Bandhan Financial Holdings, Cholamandam Investment, OakTree Capital, Blackstone, Brookfield, TPG, KKR, Piramal Finance and Poonawala Finance, sources said.
Also read/watch |&nbsp;<a title="Anil Ambani resigns as director of RPower, RInfra" href="https://www.editorji.com/business-news/markets/anil-ambani-resigns-as-director-of-rpower-rinfra-1648460805222" target="_blank">Anil Ambani resigns as director of RPower, RInfra</a>
The deadline was extended on the request of some prospective bidders who had sought more time to submit the Expressions of Interest (EoI), sources said.
The Reserve Bank of India (RBI) had on November 29 last year superseded the board of Reliance Capital Ltd (RCL) in view of payment defaults and serious governance issues.
This is the third large non-banking financial company (NBFC) against which the central bank has initiated bankruptcy proceedings under the Insolvency and Bankruptcy Code (IBC) recently. The other two were Srei Group NBFC and Dewan Housing Finance Corporation (DHFL).
According to the sources, a majority of the bidders, who have submitted EOIs, have bid for the entire company, while the others have bid for one or more subsidiaries of RCL.
The bidders had two options - either they could bid for the entire RCL or any one or more than one of the subsidiaries of Reliance Capital.
Reliance Capital's subsidiaries include Reliance General Insurance, Reliance Nippon Life Insurance, Reliance Securities, Reliance Asset Reconstruction Company, Reliance Home Finance and Reliance Commercial Finance.
Following the takeover of the board, the RBI appointed Nageswara Rao Y as the administrator in relation to the Corporate Insolvency Resolution Process (CIRP) of the company.
RBI subsequently filed an application for initiation of CIRP against the company at the Mumbai bench of the National Company Law Tribunal (NCLT).
Earlier in February this year, the RBI-appointed administrator had invited expressions of interest (EoIs) for sale of Reliance Capital.
In September, RCL in its annual general meeting (AGM) had informed shareholders that the company's consolidated debt was Rs 40,000 crore. It had reported narrowing of its consolidated net loss to Rs 1,759 crore in the quarter ended December 2021.
The company had posted a net loss of Rs 3,966 crore in the same quarter a year ago. However, net loss widened from Rs 1,156 crore in the preceding quarter ended September 2021. Total income of the company stood at Rs 4,083 crore in Q3FY22, down from Rs 4,890 crore in Q3FY21.
RCL was incorporated on March 5, 1986 and is registered as Non-Banking Financial Company Core Investment Company (CIC)-Non-Deposit Taking Systemically Important (NBFC-CIC-ND-SI) under the Reserve Bank of India Act, 1934.&nbsp;

Reliance Group Chairman Anil Ambani on Friday resigned as director of Reliance Power and Reliance Infrastructure, following markets regulator SEBI order restraining him from associating with any listed company.
"Anil D Ambani, non-executive director, steps down from the board of Reliance Power in compliance of SEBI (Securities and Exchange Board of India) interim order," Reliance Power said in a BSE filing.
In a separate filing to the stock exchange, Reliance Infrastructure said that Anil Ambani has stepped down from its board "in compliance of SEBI interim order".
Sebi in February barred Reliance Home Finance Ltd, industrialist Anil Ambani and three other individuals from the securities market for allegedly siphoning off funds from the company.
The regulator also restrained Ambani and three others from "associating themselves with any intermediary registered with Sebi, any listed public company or acting directors/ promoters of any public company which intends to raise money from the public till further orders." The two Reliance Group companies said that Rahul Sarin has been appointed as an Additional Director in the capacity of Independent Director for a term of five years on Friday on the boards of RPower and RInfra, subject to approval of members at the general meeting.
The board of directors of the company unanimously reposed full trust in Ambani's leadership and invaluable contribution to steering the company through great financial challenges and towards being potentially debt-free in the course of the coming financial year, the firms said.
They also said that the boards look forward to an early closure of the matter and inviting Ambani back to provide his vision and leadership to the company in the interest of all stakeholders.
During the past one year the company has created immense value for its around 8 lakh shareholders with stock price increasing from a low of Rs 32 to a high of Rs 150 (469%), the boards noted.
Rahul Sarin, 72, a civil servant with a distinguished record of public service of over 35 years, retired as Secretary to Government of India.
At present Sarin is a director of Afthonia Private Limited.

Anil Ambani resigns as director of RPower, RInfra

Reliance Group Chairman Anil Ambani on Friday resigned as director of Reliance Power and Reliance Infrastructure, following markets regulator SEBI order restraining him from associating with any listed company.

Anil Ambani resigns

Reliance Group Chairman Anil Ambani on Friday resigned as director of Reliance Power and Reliance Infrastructure, following markets regulator SEBI order restraining him from associating with any listed company.&nbsp;Sebi in February barred Reliance Home Finance Ltd, industrialist Anil Ambani and three other individuals from the securities market for allegedly siphoning off funds from the company.

Sebi in February barred Reliance Home Finance Ltd, industrialist Anil Ambani and three other individuals from the securities market

Reliance Group Chairman Anil Ambani on Friday resigned as director of Reliance Power and Reliance Infrastructure, following markets regulator SEBI order restraining him from associating with any listed company.
"Anil D Ambani, non-executive director, steps down from the board of Reliance Power in compliance of SEBI (Securities and Exchange Board of India) interim order," Reliance Power said in a BSE filing.
In a separate filing to the stock exchange, Reliance Infrastructure said that Anil Ambani has stepped down from its board "in compliance of SEBI interim order".
Sebi in February barred Reliance Home Finance Ltd, industrialist Anil Ambani and three other individuals from the securities market for allegedly siphoning off funds from the company.
The regulator also restrained Ambani and three others from "associating themselves with any intermediary registered with Sebi, any listed public company or acting directors/ promoters of any public company which intends to raise money from the public till further orders." The two Reliance Group companies said that Rahul Sarin has been appointed as an Additional Director in the capacity of Independent Director for a term of five years on Friday on the boards of RPower and RInfra, subject to approval of members at the general meeting.
The board of directors of the company unanimously reposed full trust in Ambani's leadership and invaluable contribution to steering the company through great financial challenges and towards being potentially debt-free in the course of the coming financial year, the firms said.
They also said that the boards look forward to an early closure of the matter and inviting Ambani back to provide his vision and leadership to the company in the interest of all stakeholders.
During the past one year the company has created immense value for its around 8 lakh shareholders with stock price increasing from a low of Rs 32 to a high of Rs 150 (469%), the boards noted.
Rahul Sarin, 72, a civil servant with a distinguished record of public service of over 35 years, retired as Secretary to Government of India.
At present Sarin is a director of Afthonia Private Limited.

Adani Finserve, KKR, Piramal Finance and Poonawala Finance are among the 14 prominent firms that have expressed interest to acquire debt-ridden Reliance Capital Ltd, promoted by the Anil Ambani Group, sources said.
The last date for submission of bids for the debt-ridden firm was extended to March 25 from the previous fixed date of March 11 by the Reserve Bank-appointed administrator.
The Reserve Bank of India (RBI) had on November 29 last year superseded the board of Reliance Capital Ltd (RCL) in view of payment defaults and serious governance issues.
This is the third large non-banking financial company (NBFC) against which the central bank has initiated bankruptcy proceedings under the Insolvency and Bankruptcy Code (IBC) recently. The other two were Srei Group NBFC and Dewan Housing Finance Corporation (DHFL).
The deadline has been extended on the request of some prospective bidders who have sought more time to submit the EOIs, sources said.
ArpWood, Varde Partners, Multiples Fund, Nippon Life, JC Flowers, Brookfield, Oaktree, Apollo Global, Blackstone, and Hero Fincorp are the other major companies that have submitted Expressions of Interest (EoI) for Reliance Capital by 11 March, they said.
According to the sources, the vast majority of the bidders, who have submitted EOIs, have bid for the entire company.
The bidders have two options - either they can bid for the entire RCL or any one or more than one of the eight subsidiaries of the NBFC firm.
The Reliance Capital subsidiaries include Reliance General Insurance, Reliance Nippon Life Insurance, Reliance Securities, Reliance Asset Reconstruction Company, Reliance Home Finance and Reliance Commercial Finance.
Following the takeover of the board, RBI-appointed Nageswara Rao Y as the administrator in relation to the Corporate Insolvency Resolution Process (CIRP) of the company.
RBI subsequently filed an application for initiation of CIRP against the company at the Mumbai bench of the National Company Law Tribunal (NCLT).
Earlier in February this year, the RBI appointed administrator had invited expressions of interest (EoIs) for sale of Reliance Capital.
In September, Reliance Capital in its annual general meeting (AGM) had informed shareholders that the company's consolidated debt was Rs 40,000 crore. It had reported narrowing of its consolidated net loss to Rs 1,759 crore in the quarter ended December 2021.
The company had posted a net loss of Rs 3,966 crore in the same quarter a year ago. However, net loss widened from Rs 1,156 crore in the preceding quarter ended September 2021. Total income of the company stood at Rs 4,083 crore in Q3FY22, down from Rs 4,890 crore in Q3FY21.
RCL was incorporated on March 5, 1986 and is registered as Non-Banking Financial Company Core Investment Company (CIC)-Non-Deposit Taking Systemically Important (NBFC-CIC-ND-SI) under the Reserve Bank of India Ac

Adani, Piramal, Poonawala all eyeing to acquire this business from Anil Ambani

In September, Reliance Capital in its annual general meeting (AGM) had informed shareholders that the company's consolidated debt was Rs 40,000 crore.

Adani, Piramal eye Anil Ambani's firm

Languishing in debt,&nbsp;Anil&nbsp;Ambani&nbsp;promoted Reliance Capital has investors from Adani, Piramal&nbsp;to&nbsp;Poonawala&nbsp;interested in acquiring the non banking finance companies as per reports. The last date for submission of bids for the debt-ridden firm is set for March 25 by the RBI&nbsp;administrator.&nbsp; But these top industrialists are not the only ones as per reports&nbsp;ArpWood, Varde Partners, Multiples Fund, Nippon Life, JC Flowers, Brookfield, Oaktree, Apollo Global, Blackstone, and Hero Fincorp&nbsp;have submitted Expressions of Interest (EoI) for Reliance Capital.&nbsp; (use name gfx on a single plate)
The bidders have two options - either they can bid for the entire RCL or any one or more than one of the eight subsidiaries of the NBFC firm.
Reliance Capital which currently has a consoldiated&nbsp;debt of 40,000 crore&nbsp;has&nbsp;subsidiaries which include Reliance General Insurance, Reliance Nippon Life Insurance, Reliance Securities, Reliance Asset Reconstruction Company, Reliance Home Finance and Reliance Commercial Finance.

In September, Reliance Capital in its annual general meeting (AGM) had informed shareholders that the company's consolidated debt was Rs 40,000 crore.

Adani Finserve, KKR, Piramal Finance and Poonawala Finance are among the 14 prominent firms that have expressed interest to acquire debt-ridden Reliance Capital Ltd, promoted by the Anil Ambani Group, sources said.
Also read &amp; watch:&nbsp;<a title="Paytm share price at record low, Macquarie highlights more worries" href="https://www.editorji.com/business-news/markets/maquarie-says-paytm-pain-to-worsen-lowers-target-even-further-1647238249504">Paytm share price at record low, Macquarie highlights more worries</a>
The last date for submission of bids for the debt-ridden firm was extended to March 25 from the previous fixed date of March 11 by the Reserve Bank-appointed administrator.
The Reserve Bank of India (RBI) had on November 29 last year superseded the board of Reliance Capital Ltd (RCL) in view of payment defaults and serious governance issues.
This is the third large non-banking financial company (NBFC) against which the central bank has initiated bankruptcy proceedings under the Insolvency and Bankruptcy Code (IBC) recently. The other two were Srei Group NBFC and Dewan Housing Finance Corporation (DHFL).
The deadline has been extended on the request of some prospective bidders who have sought more time to submit the EOIs, sources said.
ArpWood, Varde Partners, Multiples Fund, Nippon Life, JC Flowers, Brookfield, Oaktree, Apollo Global, Blackstone, and Hero Fincorp are the other major companies that have submitted Expressions of Interest (EoI) for Reliance Capital by 11 March, they said.
According to the sources, the vast majority of the bidders, who have submitted EOIs, have bid for the entire company.
The bidders have two options - either they can bid for the entire RCL or any one or more than one of the eight subsidiaries of the NBFC firm.
The Reliance Capital subsidiaries include Reliance General Insurance, Reliance Nippon Life Insurance, Reliance Securities, Reliance Asset Reconstruction Company, Reliance Home Finance and Reliance Commercial Finance.
Following the takeover of the board, RBI-appointed Nageswara Rao Y as the administrator in relation to the Corporate Insolvency Resolution Process (CIRP) of the company.
RBI subsequently filed an application for initiation of CIRP against the company at the Mumbai bench of the National Company Law Tribunal (NCLT).
Earlier in February this year, the RBI appointed administrator had invited expressions of interest (EoIs) for sale of Reliance Capital.
In September, Reliance Capital in its annual general meeting (AGM) had informed shareholders that the company's consolidated debt was Rs 40,000 crore. It had reported narrowing of its consolidated net loss to Rs 1,759 crore in the quarter ended December 2021.
The company had posted a net loss of Rs 3,966 crore in the same quarter a year ago. However, net loss widened from Rs 1,156 crore in the preceding quarter ended September 2021. Total income of the company stood at Rs 4,083 crore in Q3FY22, down from Rs 4,890 crore in Q3FY21.
RCL was incorporated on March 5, 1986 and is registered as Non-Banking Financial Company Core Investment Company (CIC)-Non-Deposit Taking Systemically Important (NBFC-CIC-ND-SI) under the Reserve Bank of India Ac

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