NCLAT issues notice to IIHL on RCap plea seeking interest on payment
The NCLAT on Friday issued a notice to IndusInd International Holdings Ltd (IIHL) over a plea filed by lenders of Reliance Capital seeking interest on the payment for the extended period.
A three-member bench led by Chairperson Justice Ashok Bhushan directed the Hinduja Group firm, IIHL to file reply within two weeks.
The National Company Law Appellate Tribunal (NCLAT) was hearing the petition from Committee of Creditors (CoC) of RCap.
The lenders have sought modification in the order passed by the Mumbai Bench of National Company Law Tribunal (NCLT), which had on July 23, directed IIHL to deposit the equity component of Rs 2,750 crore in the CoC escrow accounts.
It has requested the appellate tribunal to direct IIHL to "allow interest on the Upfront Cash Amount till August 8, 2024" and also " allow interest on debt component of Upfront Cash Amount from August 8, 2024 till Transfer Date which is the date of payment of Upfront Cash Amount" of Rs 9,660 crore.
Mauritius-based IIHL ..