IndusInd International Holdings Ordered to Deposit Rs. 2750 Crore
Bankruptcy Court Directs Hinduja Group Company
Immediate Deposit Required for Implementation of Resolution Plan
The National Company Law Tribunal (NCLT) on Thursday issued a directive to IndusInd International Holdings (IIHL), a company owned by the Hinduja Group, to deposit Rs. 2750 crore into an escrow account. The order comes as part of the ongoing bankruptcy proceedings involving IIHL, which is being pursued by its creditors.
The NCLT's decision was based on an appeal filed by IIHL against the resolution plan approved by its creditors. While partially allowing the appeal, the tribunal directed the company to implement the plan by August 10 and to deposit Rs. 2500 crore in the offshore account.
In its order, the NCLT noted that IIHL had failed to comply with a previous order issued on July 23, which required the company to pay Rs. 2750 crore as part of the equity component of the resolution plan by July 31. The tribunal's latest directive is intended to ensure that the resolution plan is implemented as soon as possible.
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