The National Court of Company Law ordered on Monday the continuation of the provisional order in a matter related to the second auction process of the insolvent Reliance Capital, which is in the process of corporate insolvency resolution.
In an interim order passed on January 3, the NCLT granted relief to Torrent Investments by ordering bankruptcy trustee Reliance Capital Ltd not to submit the revised offer made by the Hinduja group after the auction deadline to lenders until the next hearing date.
A bench headed by Justice Pradeep Narhari Deshmukh and Justice Shyam Babu Gautam said that "we find no reason not to proceed with the provisional instructions, all the more so as the applications can be listed in the shortest possible time for the order to be pronounced. in the week beginning January 30."
Torrent Investments, which emerged as the highest bidder in the auction process with an offer of $8,640 crore for Reliance Capital (RCap), approached the bankruptcy court to prevent lenders from considering Hinduja's enhanced offer of $9,000 crores, arguing that accepting late offers violated the rules for the insolvency resolution process.
The servicer and lenders have opposed the appeal, stating that both Torrent and Hinduja had submitted suboptimal offers.
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