The National Company Law Tribunal on Monday directed continuation of an interim order in a matter relating to the second auction process of bankrupt Reliance Capital, which is undergoing corporate insolvency resolution process.
In an interim order passed on January 3, the NCLT, while giving relief to Torrent Investments, directed the administrator of bankrupt Reliance Capital Ltd not to submit the revised proposal by Hinduja Group to the lenders till the next date of hearing.
A bench headed by Justice Pradeep Narhari Deshmukh and Justice Shyam Babu Gautam observed that “we do not find any reason not to continue further with the interim directions when the applications can be listed within the shortest possible time for promulgation of the order”. week commencing 30 January”.
Torrent Investments, which emerged as the top bidder in the auction process 8,640 crore for Reliance Capital (RCap), approached bankruptcy court to stop lenders from considering Hinduja’s advanced offer 9,000 crore, arguing that accepting the late proposals violates the norms of the insolvency resolution process.
The administrators and lenders have opposed the appeal, saying that both Torrent and Hinduja had submitted sub-optimal bids.
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