A bench of Justices MR Shah and Sanjiv Khanna said in an order today that DVIL has to transfer the amount to State Bank of India. India By November 24, bringing the more than 4 year old Sankalp saga to its climax.
DVIL, in its presentation in the court on November 18, said that Rs 500 crore is lying in the deposit account with his custodian in India. standard Chartered The bank and the money is ready for disbursement to the lenders. However, the hedge fund argued that some steps in the resolution plan, such as seeking documentation and regulatory approval, are yet to be completed.
A banker with knowledge of the transaction said, “Documentation and approval takes place only after getting the money in the escrow account, as the amount will be disbursed only after getting all the approvals.” We cannot hand over the amount to the company without getting the amount.