Breaking News: IndusInd International Holdings Ordered to Deposit Rs 2750 Crore

NCLT Directs Resolution Plan Implementation by August 10

Escrow Account to Receive Rs 2500 Crore Offshore

In a significant development, the National Company Law Tribunal (NCLT) on Thursday ordered Hinduja Group-owned IndusInd International Holdings Ltd (IIHL) to deposit Rs 2750 crore into an escrow account. This order came as the NCLT partly allowed an appeal by IIHL and directed it to implement the resolution plan by August 10.

The NCLT's order, dated July 23, had required IIHL to pay the equity component of Rs 2750 crore by July 31. However, IIHL failed to make the payment, prompting the NCLT to take action.

The deposited funds will be used to implement the resolution plan, which aims to revive the financially distressed IIHL. As part of the plan, Rs 2500 crore will be deposited offshore, while the remaining Rs 250 crore will be used for domestic operations.

The NCLT's order is a major step towards resolving the ongoing legal and financial issues surrounding IIHL. It is expected to provide clarity and direction for the company's future operations.