The case involves IA 3853/2024 in C.P. (IB)/1231(MB)2021 before the National Company Law Tribunal (NCLT), Mumbai Bench. The application was filed by the Successful Resolution Applicant seeking modification of an order dated 23.07.2024 passed by the Tribunal in IA No. 2561/2024. The applicant, administrator, and CoC made submissions. The applicant requested an extension/relaxation of certain timelines. The SRA is ready to transfer Rs. 250 Crores and Rs. 2500 Crores in onshore and offshore CoC designated accounts within 48 hours and tender the binding terms sheet in relation to debt component before the Monitoring Committee.
The Reserve Bank of India initiated a corporate insolvency resolution process against Reliance Capital Ltd. An application (IA 3853/2024) was filed by the Successful Resolution Applicant (SRA) seeking modification of an order dated 23.07.2024. The SRA proposed to transfer Rs. 250 Crores to an onshore account and Rs. 2500 Crores to an offshore account within 48 hours. The SRA also committed to submitting a binding terms sheet related to the debt component to the Monitoring Committee. The Committee of Creditors (CoC) was involved in designating the escrow accounts. The Tribunal considered extending or relaxing certain timelines. The Tribunal passed an interim order requiring the applicant to deposit the funds into designated escrow accounts within 48 hours and submit the
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Tribunal passed an order in IA No. 2561/2024,…
Order sheet…
The case involves IA 3853/2024 in C.P. (IB)/1231(MB)2021 before the National Company Law Tribunal (NCLT), Mumbai Bench. The application was filed by the Successful Resolution Applicant seeking modification of an order dated 23.07.2024 passed by the Tribunal in IA No. 2561/2024. The applicant, administrator, and CoC made submissions. The applicant requested an extension/relaxation of certain timelines. The SRA is ready to transfer Rs. 250 Crores and Rs. 2500 Crores in onshore and offshore CoC designated accounts within 48 hours and tender the binding terms sheet in relation to debt component before the Monitoring Committee.
The Reserve Bank of India initiated a corporate insolvency resolution process against Reliance Capital Ltd. An application (IA 3853/2024) was filed by the Successful Resolution Applicant (SRA) seeking modification of an order dated 23.07.2024. The SRA proposed to transfer Rs. 250 Crores to an onshore account and Rs. 2500 Crores to an offshore account within 48 hours. The SRA also committed to submitting a binding terms sheet related to the debt component to the Monitoring Committee. The Committee of Creditors (CoC) was involved in designating the escrow accounts. The Tribunal considered extending or relaxing certain timelines. The Tribunal passed an interim order requiring the applicant to deposit the funds into designated escrow accounts within 48 hours and submit the
…Tribunal passed an order in IA No. 2561/2024,…
Order sheet…