The lenders of debt-ridden Reliance Capital have asked the Hinduja Group arm, IndusInd International Holdings Ltd, to expedite the process of obtaining necessary regulatory approvals and stick to the resolution plan deadline of May 27.

In a meeting held in Mumbai last week with the senior officials of IndusInd International Holdings’ (IIHL), the lenders of Reliance Capital said the company has to make a payment of ₹9,650 crore to them by the said date, a source said.

The National Company Law Tribunal (NCLT) Mumbai, while approving the resolution plan on February 27, directed the IIHL to implement the resolution plan within 90 days i.e. May 27.

According to the sources, the lenders expressed concerns over the slow progress of the resolution plan as IIHL is yet to receive the crucial IRDAI approval.

The IRDAI has raised multiple queries and concerns over the proposed corporate structure for the transfer of Reliance Capital’s insurance businesses to IIHL, and the company is yet to address those concerns.

IRDAI approval is crucial for the transfer of insurance businesses — Reliance General Insurance and Reliance Nippon Life Insurance — to IIHL.

The RBI approval for the transfer ends on May 17.

The approval granted on November 17 was valid for a period of only six months.