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ā¢ The Delhi High Court has overturned a decision by the Debt Recovery Appellate Tribunal that required Religare Finvest Ltd to deposit 40% of a Rs 306 crore debt due to pursue its petition.
ā¢ However, the HC clarified that the company shall deposit 25% of the entire debt in three working days and the DRT shall consider the matter afresh.
ā¢ RFL, a subsidiary of Religare Enterprises Ltd, argued that the pre-deposit of Rs 116.85 crore would impair the company and render it unable to maintain operations as a going concern.