Reliance Capital’s second phase of auction on March 20
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Sources gave this information. Earlier last week, the National Company Law Appellate Tribunal (NCLAT) allowed the company’s lenders to conduct an expanded challenge mechanism or the second round of auction to sell the debt-laden financial services company.
The Committee of Creditors (CoC) of Reliance Capital will conduct the second round of auction of the company’s assets on March 20. Sources gave this information. Earlier last week, the National Company Law Appellate Tribunal (NCLAT) allowed the company’s lenders to conduct an expanded challenge mechanism or the second round of auction to sell the debt-laden financial services company. Sources in the know said the second phase of the auction is aimed at garnering maximum money from the sale of properties.
As per the rules of the Extended Mechanism, the minimum bid before starting the auction has been kept at Rs 9,500 crore, after which it will increase to Rs 10,000 crore. It will increase by Rs 250 crore in each round. In the first phase, the floor price was kept at Rs 6,500 crore. Sources said the expanded challenge mechanism will also have a minimum cash upfront payment limit of Rs 8,000 crore for bidders. According to sources, the challenge mechanism of the CoC is expected to recover over Rs 10,000 crore.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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