Reliance Capital Debt Saga: NCLT Accusations and Hinduja Group's Counterclaims

The administrator of debt-laden Reliance Capital filed an affidavit with NCLT against IndusInd International Holdings Ltd (IIHL) for non-compliance with tribunal conditions. IIHL denied the allegations, claiming to have deposited funds properly despite unclear escrow account details. The NCLT hearing is scheduled next week.

The administrator of debt-ridden Reliance Capital (RCAP) has submitted an affidavit to the National Company Law Tribunal (NCLT), alleging that IndusInd International Holdings Ltd (IIHL) failed to comply with the tribunal's conditions set in a July 23 order.

In response, IIHL has refuted the accusations, maintaining that it did not violate the NCLT's directions and that the funds were deposited as directed, albeit in the absence of specified escrow account details from the Committee of Creditors (CoC).

The NCLT is set to hear IIHL's plea next week. This development comes after NCLT extended the deadline for IIHL to finalize the deal due to pending regulatory approvals and compliance requirements.

(With inputs from agencies.)