The National Company Law Appellate Tribunal (NCLAT) issued a notice to Indusind International Holdings Limited (IIHL) on the petition of the lenders of Anil Ambani’s company – Reliance Capital. A three-member bench headed by Chairperson Justice Ashok Bhushan directed Hinduja’s company IIHL to file a reply within two weeks.
Whose petition is being heard
Let us tell you that NCLAT is hearing the petition of the Committee of Creditors (CoC) of RCap. In the petition, the lenders have requested to be allowed to charge interest for the time taken in payment. The lenders have requested a modification in the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT). On July 23, the bench had directed IIHL to deposit an equity amount of Rs 2,750 crore in the CoC escrow account.
It has requested the appellate tribunal to direct IIHL to allow it to charge interest on the cash advance amount till August 8, 2024. Along with this, interest should be allowed on the loan amount of cash advance of Rs 9,660 crore from August 8, 2024 till the date of transfer, which is the date of payment of cash advance amount.
9861 crore scheme
IIHL emerged as the successful bidder to acquire Reliance Capital. The NCLT-Mumbai had approved IIHL’s Rs 9,861 crore resolution plan for the debt-ridden financial company on February 27, 2024.
The lenders also requested permission to seize the funds lying in the CoC special account (Rs 2,750 crore) in case of default. On August 8, NCLT had directed IIHL to transfer Rs 2,750 crore to the accounts of RCap lenders within 48 hours. Let us tell you that trading of Reliance Capital shares has been closed for a long time.
