The Reserve Bank on Friday authorized the resolution prepare for debt-ridden Dependence Capital.
The relocation leads the way for IndusInd International Holdings Ltd., the Hinduja Group company, to obtain the business.
This is to notify you that the Administrator of Dependence Capital Ltd. is in invoice of “no objection” vide letter dated Nov. 17, 2023, from the Reserve Bank of India, the business stated in a regulative filing.
IIHL had actually become the greatest bidder with a deal of Rs 9,650 crore to take control of debt-ridden Dependence Capital in the 2nd round of auction concluded in April.
The Reserve Bank of India (RBI) on Nov. 29, 2021, superseded the board of Dependence Capital in view of payment defaults and severe governance problems.
The RBI selected Nageswara Rao Y as the administrator in relation to the Business Insolvency Resolution Process (CIRP) of the company.
Dependence Capital is the 3rd big non-banking monetary business (NBFC) versus which the reserve bank has actually started insolvency procedures under the Insolvency and Insolvency Code (IBC). The other 2 were SERI Group NBFC and Dewan Real Estate Financing Corporation (DHFL).
The reserve bank consequently submitted an application for initiation of CIRP versus the business at the Mumbai bench of the National Business Law Tribunal.
In February in 2015, the RBI-appointed administrator welcomed expressions of interest for the sale of Dependence Capital.
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