The National Company Law Tribunal (NCLT) has directed IndusInd International Holdings (IIHL) to deposit Rs 2,750 crore in an escrow account within 48 hours as part of Reliance Capital’s resolution plan. The tribunal also clarified that the interest on the money in the escrow account will belong to the Committee of Creditors. IIHL was also asked to disclose the term sheet for Rs 7,300 crore fundraising through debt to the Monitoring Committee.
IndusInd International Holdings (IIHL), owned by the Hinduja Group, has been granted an additional 18 days by the National Company Law Tribunal (NCLT) to complete the necessary procedures for implementing its resolution plan for the bankrupt Reliance Capital. The tribunal has also mandated that IIHL deposit the equity component of Rs 2,750 crore in an escrow account by July 31. IIHL’s proposed funding for the resolution plan includes Rs 7,300 crore in debt financing and Rs 2,750 crore in equity.
