Two years after the Reserve Bank of India launched bankruptcy proceedings against Anil Ambani's Reliance Capital, the resolution is still stalled. The deadline for resolution has been extended four times since then, with the last date for it as of now being April 16, as the lenders will hold a second auction.
Since the auction date has once again been pushed back to April 11 and Torrent is still litigating against it, the creditors are considering another extension.
Who bids for the bankrupt company?
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Along with the Hinduja Group and Singapore-based investor Oaktree, Torrent will also participate in the auction, although its petition will be heard in the Supreme Court in August.
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All the firms are still resolving the issues raised by them by speaking to Reliance Capital's creditors' committee.
Why is it stuck?
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One of the bidders' concerns is compliance with the bankruptcy and resolution plan filing guidelines, as Hinduja Group submitted its bid after the auction last time.
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This question has also been the bone of contention that has led Torrent to oppose the bid for a second auction in the National Chamber of Companies, which had paralyzed it.
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But the NCLAT appeals court allowed it and the Supreme Court refused to stay that order.
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