The Committee of Creditors (CoC) at Reliance Capital (RCap) is pressuring the Hinduja Group to promptly execute the resolution plan before the March deadline. The specifics of the resolution plan and the circumstances leading to this urgency would likely be detailed in the news article or official statements from the involved parties.
it including Life Insurance Corporation of India (LIC) and Yes Bank, wants Hinduja Group to implement the resolution plan before the end of this month.
This is as per the discussion the Hinduja Group, the successful applicant for debt-laden firm, earlier had with the CoC. On December 13, 2023, IndusInd International Holdings (IIHL), the firm through which Hindujas had placed the bids, had committed to implement the resolution plan and make payments to the lenders before March 31.This was later reiterated by IIHL representatives in a CoC meeting held on December 22, 2023. However, the CoC is yet to get certain documents and information, including those pertaining to regulatory approvals, which are needed for faster completion of the resolution process, the lenders said in a letter issued through law firm Luthra and Luthra.
