Reliance cap resolution: NCLAT issues notice to Torrent Investments, others on a plea
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The petition has appealed to allow the second round of financial bids for the company under the debt-ridden insolvency resolution process. A two-member bench headed by NCLAT Chairperson Ashok Bhushan issued notice and directed the respondents to file their reply within three days.
New Delhi. The National Company Law Appellate Tribunal (NCLAT) on Tuesday issued notice to Torrent Investments and other respondents on a plea by one of the lenders to Reliance Capital. The petition has appealed to allow the second round of financial bids for the company under the debt-ridden insolvency resolution process. A two-member bench headed by NCLAT Chairperson Ashok Bhushan issued notice and directed the respondents to file their reply within three days.
The Appellate Tribunal has directed the petition to be listed for February 9, 2023. The tribunal said that it will hear the matter and give its verdict. Vistra ITCL (India) Limited, one of the Committee of Creditors (CoC) of Reliance Capital, has appealed to the NCLAT against an order of the National Company Law Tribunal (NCLT).
On February 2, the Mumbai bench of the NCLT had refused to allow a fresh round of auction for the acquisition of Anil Ambani-promoted Reliance Capital (RCAP), saying the ‘challenge mechanism’ for the financial bids had already expired. The bench had allowed Torrent Investments’ appeal challenging the bankers’ decision to hold the second round of auction. In the last round of the ‘challenge mechanism’, Torrent Investments had placed the highest bid of Rs 8,640 crore. Reliance Capital has a total debt of Rs 40,000 crore.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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