RCap buy: NCLT asks IIHL to deposit funds in lenders' accounts in 48 hours

Quick Summary:

The NCLT was hearing petitions filed by both IIHL and the Administrator of Reliance Capital.

IIHL was the highest bidder for Reliance Capital, a bankrupt financial services firm, with an offer of Rs 9,561 crore.

The NCLT in its order today also clarified that the interest income on the money in the escrow accounts will accrue to the lenders.

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Category: BusinessFinance

Markets: India

Topics: Reliance Capital Hinduja group NCLT IIHL Finance sector

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-08 @ 18:34:49 (7 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 442 words

Reading Time: 3 minutes read

Sentences: 17 lines

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Copyright Owner: © Business Standard

News ID: 21984979

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