Darius Khambata, the lawyer for Torrent Investments, said earlier in the hearing that the creditors' committee (CoC) minutes show that the challenge mechanism was concluded in a fair and transparent manner, with Torrent emerging as the highest bidder. So the new round of auctions is not legally valid, he argued. But Kapil Sibal, a senior adviser to the CoC, said the lenders have the right to decide whether to go ahead with the offer or not.
The highest bidder in the auction will acquire a 100% interest in Reliance General Insurance and a 51% interest in Reliance Nippon Life Insurance, among other assets. Reliance Home Finance and Reliance Commercial Finance are also its subsidiaries.
RCap is the third Anil Ambani group company to file for bankruptcy after Reliance Communications, Reliance Naval and Engineering. Ambani had to resign from the board of directors of the group companies in March 2022 after the Securities and Exchange Board of India (Sebi) banned him from being associated with any listed company. It delisted him and Reliance Home Finance from the stock market in February for allegedly diverting funds from the company. Ambani has had to disassociate himself from two publicly traded companies, Reliance Infrastructure and Reliance Power, which are also in financial trouble.
/cloudfront-us-east-2.images.arcpublishing.com/reuters/7W3WX6L65FKZFBSETGBOPRFN7E.jpg?w=75&resize=75,75&ssl=1 "U.S. arrests Bitzlato cofounder, alleges 0 mln of illicit funds processed")
