The RBI approval on transfer of RCAP business to IIHL also ends on May 17. The approval granted on November 17 was valid for a period of only six months. In case, IIHL fails to complete the resolution process within the timeline, it will have to give reasons of the same to the RBI while reapplying for fresh approval. The NCLT on February 27, 2024, approved Hinduja Group firm IIHL's Rs 9,650-crore resolution plan for Reliance Capital. In November 2021, the Reserve Bank superseded the board of Reliance Capital on governance issues and payment defaults by the Anil Dhirubhai Ambani Group company. The central bank had appointed Nageswara Rao Y as the administrator, who invited bids in February 2022 to take over the company. Reliance Capital had a debt of over Rs 40,000 crore, and four applicants had initially bid with resolution plans. However, the committee of creditors rejected all four plans for lower bid values and a challenge mechanism was initiated in which IIHL and Torrent Investments participated.