Reliance Capital resolution case: NCLT directs IIHL to deposit the equity amount in escrow account
bankruptcy court in Mumbai directed the successful bidder of Reliance Capital (RCL), Hinduja group-owned IndusInd International Holdings (IIHL) to deposit the equity amount into the escrow account by July 31.
#Budget' 2024 with ET
Budget Highlights: Your 2-minute guide
FM 's plan for Viksit Bharat: A look at key numbers
What's in Sitharaman's Budget for you?
On Tuesday, the division bench of judicial member Virendra Singh G. Bisht and technical member Prabhat Kumar in its oral order gave an extension to IIHL till August 10 to complete the formalities to implement the resolution plan for the bankrupt firm Reliance Capital.
A detailed order was uploaded at the time of filing the story.
The National Company Law Tribunal (NCLT) in its oral order also clarified that whatever cash is there during the extended period will go to the Committee of Creditors (CoC).
The Hinduja group-owned company is seeking an extension from the tribunal to implement the resolution plan citing pending regulatory approvals and compliance requirements.
On February 27, the tribunal approved IIHL’s Rs 9,650 crore resolution plan for the Anil Ambani-promoted company’s acquisition by IIHL through the insolvency resolution process. The administrator has admitted Rs 25,345 crore of claims from lenders as of June 8, 2023.
Meanwhile, the Torrent Group has also challenged the approval of IIHL’s resolution plan at the Supreme Court after its application was set aside by the tribunal and appellate tribunal. The case is currently pending at the Apex
