The tussle between Hinduja group and the lenders has led to a delay in the resolution of RCap acquisition, which was sent to the bankruptcy court in December 2021 after it failed to repay debt worth $25,000 crore.
The Hinduja group firm, Indusind International Holding (IIHL), acquired the company in December 2023 with an offer of ₹9,651 crore. Of this, IIHL was to pay ₹2,750 crore as equity and planned to raise the rest as debt to be paid to lenders.
After the highest bid made by IIHL, the debt resolution is mired in litigation at the NCLT with a separate petition pending in the Supreme Court.
This story is from the August 05, 2024 edition of Business Standard.
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This story is from the August 05, 2024 edition of Business Standard.
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