Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Informative
RCap resolution: NCLT defers matter on IIHL plea for deadline to June 25
Update / Judgement Date
19 Jun 2024
Source
Author
Team — WCP Legal Desk
Reading Time
1 min read
Income Tax
The National Company Law Tribunal (NCLT) has postponed IIHL's plea, filed by Hinduja Group, for extending the deadline to complete Reliance Capital's resolution until June 25. IIHL, the successful bidder for Reliance Capital's resolution, sought a 90-day extension from May 27, 2024, to implement the approved plan under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. \r
The matter was heard on June 13 and June 20, as per a regulatory filing by Reliance Capital. The RBI had taken control of Reliance Capital in November 2021 due to governance issues and defaults, leading to the invitation for bids in February 2022 amid its debt exceeding Rs 40,000 crore.
