Tribunal Orders Hinduja Group to Deposit Rs 2,750 Crore for Reliance Capital Resolution

The National Company Law Tribunal has directed IndusInd International Holdings, promoted by the Hinduja Group, to deposit Rs 2,750 crore for Reliance Capital's resolution. The tribunal clarified that the interest belongs to the Committee of Creditors. The plan includes raising Rs 7,300 crore through debt.

A directive from the National Company Law Tribunal has mandated Hinduja Group-promoted IndusInd International Holdings (IIHL) to deposit Rs 2,750 crore in a special escrow account within 48 hours, part of Reliance Capital's resolution plan.

The tribunal bench in Mumbai, featuring Justice Virendrasingh G Bisht and Justice Prabhat Kumar, emphasized that the interest on the funds would belong to the Committee of Creditors.

IIHL has also been instructed to disclose a term sheet for raising Rs 7,300 crore through debt to the Monitoring Committee. The tribunal specified deadlines and financial obligations to ensure the resolution plan's implementation by August 10.

(With inputs from agencies.)