The insolvency proceedings against Reliance Capital were initiated last year after the Reserve Bank of India superseded its board in November 2021 due to various governance and repayment issues. Subsequently, the central bank had approached the NCLT for insolvency resolution. After inviting bids, four resolution plans were submitted initially for taking over Reliance Capital. However, all were rejected by lenders due to low offer amounts. Later, IndusInd International Holdings emerged as the winning bidder with a Rs 9,661 crore offer for the stressed company. In June this year, the NCLT approved the Rs 9,661 crore bid by the Hinduja group firm following lengthy proceedings. With the latest announcement, the final steps of delisting Reliance Capital shares are set to be implemented. This marks the culmination of the insolvency process for Reliance Capital, which was once a major player in India's financial services space.