The National Companies Act Court of Appeal (NCLAT) on Tuesday issued a notice to Torrent Investments in a matter relating to a guilty plea entered by Reliance Capital's secured lenders seeking a second round of financial offers for the company. indebted as part of the company. contest resolution process.
A bench headed by the president, Justice Ashok Bhushan, issued notices, instructing respondents to submit responses within three days. The appeals law court has ordered to list the petition on February 9, 2023, saying that the appeal will be heard and decided by it.
One of the secured creditors, Reliance Capital's Vistra ITCL (India) Ltd, has moved NCLAT against an NCLT order challenging the stay of Reliance Capital's second auction.
In its order, NCLT stated that the second challenge mechanism violated section 39(1a) of the corporate insolvency resolution professional. NCLT in its order said that the bank allows Torrent Investments' application and stated that the financial offer challenge mechanism concluded on December 21, 2022, with the applicant's offer in $8,640 crore being the highest.
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