Reliance Capital Lenders have approached the National Company Law Appellate Tribunal (NCLAT) to seek a second round of financial bids for the debt-ridden firm, which is currently undergoing insolvency resolution process.
Vistara ITCL (India) Limited, one of the members of the Committee of Creditors of Reliance Capital has filed an appeal before the Appellate Tribunal.
The petition has been listed before a bench headed by Chief Justice Ashok Bhushan for hearing on Tuesday.
Read also: NCLT disallows second round auction for Reliance Capital; Lenders are likely to challenge the order
Earlier on February 2, the Mumbai bench of the National Company Law Tribunal (NCLT) had ruled against conducting a fresh round of auctions for the acquisition of Anil Ambani-promoted Reliance Capital, saying the challenge mechanism for financial bids was already in place. has ended.
It upheld Torrent Investments’ plea challenging the bankers’ decision to go for a second round of auction in pursuit of a higher price for the bankrupt company.
The NCLT, in its order, said the bench allows the application of Torrent Investments and declares that the challenge mechanism for financial bids was over with the applicant’s bid by December 21, 2022. 8,640 crore is the highest.
Torrent Investments had filed a petition on January 9, requesting the tribunal to quash the lenders’ plan to hold a fresh auction for the acquisition of Reliance Capital.
Torrent Investments was the highest bidder 8,640 crore in the final round of ‘Challenge Mechanism’.
Reliance Capital has a consolidated debt of approx. 40,000 crores.
The text of this story is published from a wire agency feed without any modification. Only the headline has been changed.
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