Key Points
The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed a petition filed by Reliance Capital lenders seeking another round of auction for the debt-ridden firm...
A two-member bench set aside an order passed by NCLT and said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid...
NCLAT also permitted the CoC to continue with the challenge mechanism and invite bids after two weeks...
The appellate tribunal's order came on a petition filed by Vistra ITCL (India), one of the lenders of Anil Ambani-promoted Reliance Capital, challenging an order of NCLT which restricted further auction of the bankrupt firm...
The NCLT had on February 2 said the challenge mechanism for financial bids stood concluded as on December 21, 2022, with the bid of Torrent Investments at Rs 8,640 crore being the highest...
You might be interested in
Reliance Capital lenders to go for 2nd auction on April 4 to maximise return
27, Mar, 23According to sources, IndusInd International Holdings Ltd (IIHL) of Hinduja Group on Monday told the Committee of Creditors (CoC) it will retain the earlier bid of Rs 9,000 crore upfront cash.
RCap resolution: NCLAT allows lenders’ plea for another round of bidding
02, Mar, 23The NCLAT order came on a petition filed by Vistra ITCL (India), one of the lenders of Anil Ambani-promoted Reliance Capital, challenging an order of NCLT which restricted further auction of the bankrupt firm.
Reliance Capital lenders to meet on Friday to take call on Hinduja Group firm bid
27, Apr, 23Lenders of debt ridden Reliance Capital (RCap) will meet on Friday to take a call on Hinduja Group firm's bid to acquire the financial services firm.
Reliance Capital lenders seek Rs 8k-crore upfront cash for second auction
06, Mar, 23Minimum bid amount fixed at Rs 9500 crore
More value to be discovered, NCLT has usurped powers of CoC: Reliance
26, Feb, 23The lenders of Reliance Capital have submitted before the National Company Law Appellate Tribunal NCLAT that the Committee of Creditors CoC of the corporate debtor Reliance Capital Ltd
At Rs 10,000 crore, Anil Ambani's Reliance Capital recovery may be only 43%
24, May, 23The recovery, totalling about ₹10,090 crore on factoring in the target company's cash balances and the Hinduja offer, falls short of the ₹12,500-13,000 crore estimated liquidation value.
Reliance Capital Resolution: More challenges ahead
28, Apr, 23Although Reliance Capital's (RCap) lenders succeeded in concluding the second auction with an improved offer, they will have to cross several hurdles before completing the sale of the Anil Ambani financial services company as part of the insolvency process.
SC allows lenders to hold fresh bids for RCap
21, Mar, 23India Business News: Mumbai: The Supreme Court on Monday refused to stay an order by the National Company Law Appellate Tribunal (NCLAT), allowing lenders of Reliance Capi.