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Reliance Capital Insolvency: NCLT Orders IIHL to Deposit Rs 2,750 Crore Amidst Ongoing Insolvency Case

IIHL Complies with NCLT Order, Deposit Made Before August 10 Deadline

Hinduja Group's Bid for Reliance Capital Faces Scrutiny in Bankruptcy Court

In a significant development in the ongoing insolvency case of Reliance Capital, the National Company Law Tribunal (NCLT) has ordered Hinduja Group's IndusInd International Holdings (IIHL) to deposit Rs 2,750 crore into an escrow account by August 10. The order came on Thursday at a hearing in Mumbai.

The NCLT's directive follows IIHL's submission of its resolution plan for Reliance Capital, which was approved by the Committee of Creditors (CoC) in July. According to the NCLT order dated July 23, IIHL was declared the highest bidder for Reliance Capital, a bankrupt financial services firm, with an offer of Rs 9,561 crore.

The NCLT's order also stated that the deposit should be made into an escrow account with the State Bank of India (SBI). The amount is intended as a part of the upfront payment towards the acquisition of Reliance Capital.