steeped in debt The administrator of Reliance Capital (Rcap) has filed an affidavit in the National Company Law Tribunal (NCLT). Rcap has accused IIHL of non-compliance in this and said that the Hinduja Group company has failed to fulfill the conditions set in the tribunal’s order of July 23. The administrator informed the NCLT in his affidavit that instead of depositing Rs 2,750 crore in the specified escrow (of any third party) accounts of the Committee of Creditors (CoC) in India and abroad, IndusInd International Holdings Limited (IIHL) has deposited the money in its own accounts as well as in the accounts of the promoters.
The conditions were to be complied with by July 31, 2024
However, IIHL had said in a separate affidavit that it has the funds and will transfer them once an escrow account is opened, for which the terms and conditions are also mentioned. An IIHL spokesperson said that there are certain terms and conditions for opening any escrow account which are based on a bilaterally signed agreement. Whether the terms and conditions are met or not, the trustee decides accordingly. According to sources, the CoC and the administrator are misleading by saying that IIHL has not transferred the funds to the unilaterally opened escrow account. As per the NCLT order of July 23, the successful bidder IIHL had to comply with certain conditions by July 31, 2024.
Includes depositing Rs 2,500 crore in escrow account
These conditions included depositing an initial equity amount of Rs 250 crore in a domestic escrow account specified by the CoC by July 31 and Rs 2,500 crore in an offshore escrow account specified by the lenders. However, the administrator alleged that IIHL deposited the money in the accounts of Harsh Ashok Hinduja, Shome Ashok Hinduja and Ashok P. Hinduja. Similarly, Rs 2,500 crore was deposited in IIHL’s own accounts in Standard Chartered Bank, Mauritius and State Bank of Mauritius. Bhasha Anurag Ajay Ajay 0408 1609 Delhi Nannan
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