Torrent Investments challenged this before the Mumbai bench of NCLT. The NCLT said on February 2 that the challenge mechanism for the financial bid has been completed on December 21, 2022.
NCLAT Ne Reliance Capital (Reliance Capital) In the matter of resolution, the lenders have accepted the petition for one more round of auction. Debt-ridden Reliance Capital is currently in the insolvency process. NCLAT National Company Law Tribunal (NCLT) setting aside the order of the Committee of Creditors (COC) reserves the right to attempt the higher bid. The Appellate Tribunal has allowed the CoC to continue with the challenge mechanism and invite bids after two weeks.
Torrent Investments had made the biggest bid
NCLAT has given this order in Vistara ITCL (India) Ltd. given on the petition of Vistara is among the lenders to the Anil Ambani-promoted company. The petition challenged the order of NCLT in which further auction was banned for the bankrupt company. In the case of Reliance Capital, Torrent Investments had made the highest bid of Rs 8,640 crore. However, the company’s committee of creditors decided to launch a second challenge mechanism. After that Hinduja Group company IndusInd International Holdings Ltd. (IIHL) submitted the revised bid.
There is a debt of 40 thousand crore rupees
Torrent Investments challenged this before the Mumbai bench of NCLT. The NCLT said on February 2 that the challenge mechanism for the financial bid has been completed on December 21, 2022. After this, Torrent Investments filed a fresh petition on January 9, urging the tribunal to stay the lenders’ fresh auction plan. Later IIHL also filed a petition challenging the NCLT order. IIHL appealed to the Appellate Tribunal against the order of NCLT. Reliance Capital, which is going through the resolution process, has a total debt of Rs 40,000 crore.
Source: www.tv9hindi.com”