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
IIHL was also asked to disclose the term sheet for Rs 7,300 crore fundraising through debt to the Monitoring Committee.
TRENDING NOW
In a big setback to Hinduja Group-promoted IndusInd International Holdings (IIHL), NCLT directed it to deposit Rs 2,750 crore in a special escrow account within 48 hours as part of Reliance Capital's resolution plan. The tribunal also clarified that the interest on the money in the CoC/Vistra escrow account will belong to the Committee of Creditors.
IIHL was also asked to disclose the term sheet for Rs 7,300 crore fundraising through debt to the Monitoring Committee. The Mumbai bench of the tribunal, comprising Justice Virendra singh G Bisht and Justice Prabhat Kumar, was hearing a petition filed by the Hindujas seeking modification of the tribunal's July 23 order and an 'extension to complete the obligations' for implementing the resolution plan.
While partly allowing an appeal by IIHL, the tribunal directed the company to implement the resolution plan by August 10 and to deposit Rs 2,500 crore in the offshore escrow account of Vistra with Yes Bank in the Gift City and Rs 250 crore in the Vistra's Yes Bank escrow account in Mumbai.
Hindujas' counsel Abhishek Manu Singhvi urged that if the NCLT does not consider the modification of its order, the administrator, the CoC and IIHL will face inexplicable challenges in implementing the resolution plan for Reliance Capital.
READ | Meet man, who is set to lead India's largest commercial bank, had started his career as...
Singhvi submitted a 'compliance affidavit' stating that it has deposited the entire equity component of Rs 2,750 crores. However, this amount has been deposited in accounts of Ashok Hinduja, Harsha Hinduja, and Shom Hinduja. The administrator argued that IIHL was seeking minor changes to the order and trying to shift the responsibility for implementing the plan onto them, which is not in accordance with the resolution plan. IIHL made the highest cash offer of Rs 9,661-crore in the auctions and secured as much as 99 per cent of the lender's votes.
(With inputs from PTI)