Nevertheless, no new date has been set yet, according to insiders, who added that it may be decided in a week or two. Lenders delayed the second auction last week, moving it up until April 11.
Reliance Cap 2nd auction has been postponed one more; a new date will be chosen soon.
The second auction that was scheduled to take place on Tuesday has once again been postponed, according to sources, by Reliance Capital’s (RCap) indebted lenders.
Nevertheless, no new date has been set yet, according to insiders, who added that it may be decided in a week or two. Lenders delayed the second auction last week, moving it up until April 11.
IndusInd International Holdings Ltd (IIHL) of the Hinduja Group, Torrent Investment, and Singapore-based Oaktree are the bidders that have reportedly confirmed their participation in the second round of the auction.
The main concern of the bidders is whether the resolution plans comply with the Request for Resolution Plan (RFRP) criteria and the Insolvency and Bankruptcy Code (IBC), as in the first round of the auction.
Torrent Investment, who was the top bidder in the auction, is challenging this post-auction bidding in the Supreme Court.
According to further sources, the Supreme Court ruling must also be included in the Challenge Mechanism by the Committee of Creditors (CoC).
The Administrator has also asked the NCLT to extend the timeframe for finishing the resolution procedure until May 30.
Reliance Capital’s resolution procedure date has already been postponed many times.
On November 29, 2021, the Reserve Bank of India (RBI) replaced the Reliance Capital board due to payment failures and significant governance concerns.
Nageswara Rao Y was chosen by the RBI to serve as the administrator for the Corporate Insolvency Resolution Process (CIRP) of the firm
The third sizable NBFC that the central bank has filed for bankruptcy protection under the Insolvency and Bankruptcy Code involves Reliance Capital (IBC).
Srei Group NBFC and Dewan Home Finance Corporation were the other two (DHFL).
The National Company Law Tribunal’s Mumbai bench received an application for the beginning of CIRP by the central bank against the company.
The administrator designated by the RBI requested expressions of interest for the sale of Reliance Capital in February of last year.
