On Monday, lead lawyer Ravi Kadam, representing Reliance Capital manager Nageswara Rao Y, sought a day to submit their response saying they had received Torrent's communication rather late.
Lead lawyer Kapil Sibal and lawyer Prateek Seksaria appear before Reliance Capital's creditors' committee at the National Court of Company Law. Gujarat-based Torrent is looking for NCLTintervention to restrict lenders from another round of auction after it emerged as the highest bidder for financial services company.
In the first week of January, the lenders proposed to hold a second round of auction with a minimum price of Rs 9.5bn on a net present value basis, which would include Rs 8bn as an upfront cash payment, ET reported on January 9th. The administrator had planned to invite the lenders to vote on this proposal.
