UP: Doctors extract 2kg hair bundle from woman's stomach who ate it for….
Between Scylla and Charybdis: India's precarious position in Israel-Iran standoff
Chennai: At least 3 dead, nearly 100 hospitalised after IAF's air show
This man used to sell bhujia, then built Rs 8330 crore company, his business is...
Scared of DIGITAL ARREST? Here's what you need to do
UP: Wolf terror ends in Bahraich as villagers kill sixth and final predator
Bigg Boss 18: Know highest-paid contestants of Salman Khan’s reality show over the years
Zomato CEO Deepinder Goyal stopped from using Gurgaon mall’s main entrance, asked to take...
Israel: 1 killed, 9 injured at mass shooting at bus station in Beersheba
How can India qualify for Women's T20 World Cup semifinal after 6-wicket win over Pakistan?
Anil Ambani RISES as value of his company goes up by Rs 24,000 crore, it is...
IND vs PAK, Women's T20 World Cup 2024: India beat Pakistan by 6 wickets to earn two crucial points
Indian hockey star slams Air India over broken suitcase, says ‘This is how your staff...'
'I'll pay you more than...': Ola CEO Bhavish Aggarwal takes shot at Kunal Kamra after clash over...
This is world’s largest residential building, accommodates over 20000 residents, it is located in…
Keanu Reeves escapes injury during pro auto racing debut in US
Rohit Sharma reveals Rishabh Pant's tactics that helped India win T20 World Cup 2024
Meet woman, who founded Rs 7000 crore brand, got fired from her company due to...
'It will be bigger than...': AB de Villiers on Rohit Sharma moving from Mumbai Indians to RCB
Watch: Nita Ambani wears stunning brat summer green saree at Manish Malhotra's store launch
Pakistan announce playing XI for first Test against England, star player returns
Meet man who went to US for job, studied at IIT Kanpur, later became a monk at 30 because...
This Mughal princess was one of richest women of her time, still never got married, reason....
After Delhi's big drug bust, MD worth Rs 1800 crore seized from...
AAP chief Arvind Kejriwal makes big statement, promises to campaign for PM Modi if...
Dinner with Kim Jong Un or George Soros? Jaishankar's witty response goes viral
Anil Ambani's Reliance Communication has huge total debt of Rs 404130000000 but there's a catch
Donald Trump returns to Butler: Elon Musk dances on stage, cracks 'dark MAGA’ joke
Bigg Boss 18 premiere live updates: Salman Khan introduces all contestants in Grand Premiere
AAP leader shot at during argument with SAD leader in Punjab's Jalalabad, critically injured
Apple iPhone SE 2025 specifications leaked! May cost more than expected...
After arrest in sexual assault case, Jani Master's National Award suspended by I&B Ministry
Bizarre: Kolkata's street vendor Fanta anda bhurji sparks debate online, watch viral video
Meet Pranav Adani, one of the heirs to India's leading business empire, he is Gautam Adani's...
'France is Israel's steadfast...': Macron's office after Netanyahu's remarks on embargo call
Meghalaya: 10 dead in floods, landslides in Garo Hills, heavy rains continue
Hezbollah's successor, Hashem Safieddine, goes 'unreachable' after Israeli strikes in Lebanon
NASA Alert! Strongest flare from Sun to hit Earth soon: Check date and it's impact
Mukesh Ambani, Nita Ambani live on 27th floor of Rs 15000 crore Antilia due to...
Is Israel planning to mount 'serious' attack on THIS Iranian Island?
Viral video: Little girls’ adorable dance on Gulabi Sadi song wins heart online, watch
Navratri 2024 Day 4: Who is Maa Kushmanda? Know puja vidhi, mantra and significance
IAF set to attempt THIS record with grand air show at Chennai’s Marina Beach today
IND vs BAN, 1st T20I: Predicted playing XIs, live streaming details, weather and pitch report
BUSINESS
NCLT in February 2024, approved IIHL's Rs 9,861-crore resolution plan for the debt-ridden financial firm.
TRENDING NOW
Lenders to debt-ridden Reliance Capital Ltd (RCAP) have alleged that Hinduja Group firm, IIHL, is indulging in delaying tactics resulting in a slowdown in the implementation of the resolution plan, but IIHL has refuted the allegations, saying it was following due process.
Mauritius-based IndusInd International Holdings Ltd (IIHL) emerged as a successful bidder for the acquisition of Reliance Capital. "All allegations are completely false, baseless and are an attempt to malign and obstruct the resolution process," IIHL sources said. "All allegations are incorrect and untrue. There is absolutely no reason for IIHL to delay the implementation of the plan, more so, when IIHL has already deposited Rs 2,750 crore with the CoC," the company sources said.
Contrary to allegations, it is in IIHL's interest to close the implementation at the earliest and take possession of the company so that the depletion of value that is happening on a daily basis can be immediately stopped and IIHL can focus on growth, they said.
The NCLT Mumbai on February 27, 2024, approved IIHL's Rs 9,861-crore resolution plan for the debt-ridden financial firm. According to sources, lenders claimed that IIHL's move to seek approval from the Department of Industrial Policy and Promotion (DIPP) is an afterthought.
It was not even a part of conditions set out by the NCLT while approving the resolution plan on February 27, 2024. According to sources, 90 days have passed since IIHL submitted the application with DIPP, but the approval is still pending.
As regards DIPP approval, IIHL sources said it was part of the same resolution plan which was put to vote and approved by 99.96 per cent of the Committee of Creditors (CoC). DIPP approval is required as some of the shareholders of IIHL are residents of Hong Kong, a special administrative region controlled by China.
READ | This company earned Rs 47000 crore in 5 days, it's not of Mukesh Ambani, Ratan Tata, Adani
According to Press Note 3, if an entity from a nation sharing a land border with India (namely China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar, and Afghanistan), or if a citizen or permanent resident of any such country, is the beneficial owner of an investment in India, they are required to pursue investment through the government approval route.
As per the Insolvency and Bankruptcy Code (IBC), all approvals under any law for the time being in force, within such period as may be prescribed. The plan further provides for a period of one year for obtaining approvals (except for CCI) and therefore, there is no question of condition precedent or subsequent, sources said.
Earlier on August 12, NCLT directed RBI and DIPP to expedite the approval process to implement RCAP's resolution plan by Hinduja Group-promoted IIHL. Meanwhile, IIHL has committed for payment of entire consideration of Rs 9,861 crore, subject to receipt of regulatory approvals and resolution of outstanding GST component. The next hearing by NCLT on the RCAP's resolution plan is scheduled on September 19, 2024.
Reliance Capital had a debt of over Rs 40,000 crore, and four applicants had initially bid with resolution plans. However, the committee of creditors rejected all four plans for lower bid values and a challenge mechanism was initiated in which IIHL and Torrent Investments participated.
(Except for the headline, this story has not been edited by DNA staff and is published from PTI)