IndusInd International Holdings Limited (IIHL) has deposited Rs 2,750 crore into an escrow account designated by the Committee of Creditors (CoC) and Vistra, meeting a deadline set by the National Company Law Tribunal (NCLT). The deposit was made a day before the August 10 deadline, according to CNBC-TV18.
In the ongoing insolvency case of Reliance Capital, the NCLT directed IIHL on August 8 to transfer the specified amount within 48 hours.
IIHL has also submitted a term sheet for Rs 7,300 crore in funding to the Monitoring Committee, fulfilling another requirement set by the NCLT. The term sheet was due by 4 p.m. on August 8.
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The company, the successful bidder for Reliance Capital, has requested that the CoC and Administrator proceed with the approved resolution plan. This comes after Reliance Capital’s Administrator, Nageswara Rao Y, filed an affidavit accusing IIHL of not complying with a previous NCLT order.
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The affidavit alleged that IIHL transferred Rs 250 crore to its promoters and Rs 2,500 crore to its accounts instead of the CoC's escrow account. IIHL responded by saying it was waiting for the necessary escrow account details and was acting in good faith.
The NCLT’s order on July 23 extended the deadline for the Reliance Capital resolution plan to August 10, with IIHL’s bid of Rs 9,650 crore being central to the process under the Insolvency and Bankruptcy Code.
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