NCLT to Hear Application on Reliance Capital Resolution Plan

The Mumbai bench of NCLT will hear an application by the Administrator of Reliance Capital, seeking directions for IIHL to implement the resolution plan by August 10. The Administrator seeks immediate transfer of Rs 2,750 crore to escrow accounts. The application highlights IIHL's non-compliance with financial deposit conditions.

The Mumbai bench of the National Company Law Tribunal (NCLT) is scheduled to hear an interlocutory application filed by the Administrator of Reliance Capital on Wednesday. The application seeks directions for IndusInd International Holdings Ltd (IIHL) to implement the resolution plan by August 10.

Filed on August 5, the Administrator's application urges the NCLT to direct Hinduja Group's IIHL to immediately transfer Rs 2,750 crore to designated escrow accounts as per instructions from the Committee of Creditors (CoC). The NCLT's July 23 order mandates IIHL to meet several conditions by July 31, 2024, involving equity deposits and offshore accounts.

The application points out that IIHL deposited funds in the accounts of the Hinduja family members instead of designated escrow accounts. The administrator also demands IIHL to share binding commitment letters from Barclays Banks and 360 One with the Monitoring Committee. The NCLT has been asked to take judicial notice of IIHL's non-compliance and enforce the July 23 order.