Reliance Capital Share Price | Most of debt-ridden industrialist Anil Ambani’s companies are facing bankruptcy proceedings. One such company is Reliance Capital. The shares of this finance sector company were once trading at Rs 2700. But later this stock began to decline.
The stock of Reliance Capital Company has seen a boom for the past few days. Trading in shares of Reliance Capital Company was also suspended several times. Trading in shares of Reliance Capital Company has been suspended today, Wednesday, September 13, 2023.
On September 12, 2023, a hearing was held at NCLT Mumbai regarding Reliance Capital Company. The NCLT is yet to pronounce its final decision on Hinduja’s resolution plan, mainly because of the order passed on Torrent Investments’ petition challenging the Committee of Creditors Committee’s decision to approve IIHL’s resolution plan.
The NCLT reserved its order on the torrent company’s plea. Now, till the final verdict on the Torrent company’s petition, the resolution plan of Hinduja company is unlikely to be approved.
Hinduja Company’s resolution plan also needs RBI’s approval. Another reason for the NCLT to postpone its decision is that the lenders are yet to get the approval of IIHL’s resolution plan from the RBI and CCI as per NCLT’s terms. Apart from this, the Supreme Court has postponed the hearing on the torrent company’s application in August 2023 till October 2023. In this case, the second round of the auction was challenged.
In such a situation, until the Supreme Court gets complete clarity on the matter, the NCLT cannot take a final decision on the approval of the resolution plan. The Rs 10,000 crore resolution plan proposed by IIHL to acquire Reliance Capital Company was approved by the committee of creditors on June 29, 2023 with 99.6 percent voting. The plan was then submitted to the NCLT for final approval, but Torrent Investments filed a suit against it, so now it will take more time to get the final approval.
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