IIHL didn’t honour NCLT order: RelCap administrator

New Delhi: The Administrator of debt-ridden Reliance Capital (RCAP) has filed an affidavit with NCLT, accusing IIHL of non-compliance as the Hinduja Group firm failed to meet the conditions set by the tribunal in a July 23 order.

The Administrator, in its affidavit seen by PTI, informed NCLT that instead of depositing Rs2,750 crore in the designated escrow accounts of the Committee of Creditors (CoC) in India and abroad, IndusInd International Holdings Ltd (IIHL) has deposited the money in its own accounts as well as the promoters’ accounts.

However, IIHL in a separate affidavit had said it has funds and the same will be transferred once the escrow account is in place which has conditions listed out.