Mumbai: The NCLT on Thursday asked the Hindujas to deposit ₹2,750 crore in a special escrow account as part of Reliance Capital’s resolution plan. The Hindujas agreed to provide the binding term sheet agreement to the monitoring committee. A bench of Justice Virendrasingh G. Bisht and Prabhat Kumar heard a plea from the Hindujas seeking more time to implement the resolution plan.
Hindujas have submitted a ‘compliance affidavit’ confirming the deposit of ₹2,750 crores. However, the amount has been deposited in accounts of Ashok Hinduja, Harsha Hinduja, and Shom Hinduja. IIHL mentioned that banks in Mauritius need further details to process the funds’ remittances.
The Hindujas have pleaded for a modification to the NCLT’s order to avoid challenges in implementing the resolution plan. The administrator argued that IIHL was trying to shift responsibility onto them, which goes against the resolution plan.
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