IndusInd International Holdings Ltd (IIHL) a Hinduja Group company has taken control of Reliance Capital (RCAP) the debt-ridden firm formerly owned by Reliance Group Chairman Anil Ambani after RCAP lenders withdrew their petition against IIHL before appellate tribunal NCLAT. Rcap lenders withdraw petition against IIHL According to a PTI report the Committee of Creditors (CoC) of Reliance Capital has informed NCLAT that the resolution plan was completely implemented by IIHL with the transfer of complete payment amounts in terms of the resolution plan. The CoC sought permission of the National Company Law Appellate Tribunal to withdraw its appeal filed against the NCLT order in consideration of the completion of the implementation of the resolution plan by IIHL it said. While allowing CoCs application for withdrawal NCLAT noted counsel appearing for the administrator as well as IIHL had no objection towards this. In the circumstances the said application stands allowed. Accordingly the appeal is disposed of as withdrawn. Pending applications if any are also disposed of a two-member NCLT bench comprising Justice Yogesh Khanna and Ajai Das Mehrotra said in its order dated March 24 2025. Earlier IIHL had emerged as the successful resolution applicant with the highest bid of Rs 9650 crore in April 2023 for acquiring the troubled financial services firm under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code (IBC). However the company was required to implement the resolution plan on or before May 27 2024 even as the timeline was later extended till August 10 2024. During the extended period steps were taken by IIHL with cooperation from the Administrator of the Corporate Debtor (RCap) and the CoC towards implementation of the resolution plan and a process note capturing the implementation steps was submitted by IIHL as agreed upon by the parties and as approved by the CoC the lenders counsel submitted which was also noted by NCLAT in its order. Why lenders had moved NCLAT? Last year Rcap lenders had moved NCLAT seeking modification in the order passed by the Mumbai Bench of the National Company Law Tribunal (NCLT) which had on July 23 2024 directed IIHL to deposit the equity component of Rs 2750 crore in the CoC escrow accounts. The lenders had requested the appellate tribunal to direct IIHL to allow interest on the Upfront Cash Amount till August 8 2024 and also allow interest on debt component of Upfront Cash Amount from August 8 2024 till Transfer Date which is the date of payment of Upfront Cash Amount of Rs 9650 crore. A notice regarding this was issued by the NCLAT to IIHL on September 13 2024. Notably Anil Ambani-led Reliance Capital was placed under RBI-appointed administration since November 2021 due to governance lapses and payment defaults associated with the Anil Dhirubhai Ambani Group. The central bank appointed Nageswara Rao Y as the administrator who subsequently invited bids for the companys takeover in February 2022. IIHL assumes control of Reliance Capital On March 19 2025 IIHL assumed control of RCap after completing a three-year resolution process after paying off the debt-ridden firms lenders. The Hinduja Group company has taken over the board of RCap and its key subsidiaries including Reliance Nippon Life Insurance Reliance General Insurance Reliance Securities and Reliance Asset Reconstruction. In December last year IIHL Chairman Ashok P Hinduja said his company aims to ramp up RCAPs banking financial services and insurance (BFSI) business more than three-fold to $50 billion in the next five years. (With PTI inputs)