The creditors of Reliance Capital Ltd (RCL) have given their nod to a resolution plan submitted by IndusInd International Holdings Ltd (IIHL). The Hinduja group firm will offer an upfront cash of Rs 9,661 crore for the debt-ridden financial services company.

Apart from this amount, lenders of RCL will also get access to around Rs 400-500 crore of cash in RCL’s books. Their total recovery will be around Rs 10,200 crore against Rs 16,000 crore principal secured debt. It will thus be resulting in a 65 per cent recovery for the lenders.

Sources said the IIHL proposal got the support of more than 99 per cent of the lenders.

Following the green signal, the administrator of RCL is likely to file the resolution plan submitted by IIHL in the National Company Law Tribunal (NCLT), Mumbai, next week as the deadline of July 15 to file is approaching.

Voting on the IIHL resolution plan started on June 9 and ended on Thursday. The Committee of Creditors (CoC) had set a minimum bid amount of Rs 9,500 crore for the first round and Rs 10,000 crore for the second round (in April this year), with an additional Rs 250 crore for subsequent rounds.

The second round of auction was held on April 26 after the Supreme Court allowed the lenders to go ahead with the extended challenge mechanism in order to maximise the recovery from the sale of Reliance Capital’s assets.

However, any final decision on the resolution of Reliance Capital by the CoC will be subject to the outcome of the Supreme Court’s ruling.

The top court is hearing an appeal filed by Torrent Investments. The Ahmedabad-based group had objected to the lenders conducting a second round of auction for Reliance Capital.