Hinduja Group's IndusInd International Holdings Ltd (IIHL) failed to deposit the necessary funds for acquiring debt-ridden Reliance Capital (RCap).
Despite the National Company Law Tribunal (NCLT) approving IIHL's Rs 9,650-crore resolution plan, the group did not meet the payment deadline of May 27, citing pending regulatory approvals. The lenders of RCap, which has a debt of over Rs 40,000 crore, expressed concerns over the delay, urging Hinduja Group to expedite the process. The group now seeks a 90-day extension to finalize the deal​