The Supreme Court will hear a petition filed by the Torrent Group against the National Company Law Appeals Tribunal (NCLAT) order allowing a second electronic auction for Reliance Capital (RCap) to be held on Monday.
While the second round of the auction is also scheduled for Monday, it is unlikely to take place until the high court gives its address.
Torrent Investments, a group company through which Gujarat-based Torrent Group had submitted its offer for all of RCap's assets, requested an expedited hearing on the petition seven days before the second challenge mechanism.
Earlier this month, Torrent Group filed an appeal in the Supreme Court against NCLAT's order that had allowed an expanded auction for the debt-laden company. Vistra ITCL (India), a member of the Creditors' Committee (CoC), is a defendant in the case.
Torrent had requested that the Rs 9,000 crore offer from IndusInd International Holdings (IIHL), the company through which the Hinduja Group had made its bids, be declared "invalid" as the offer was made after the completion of the first electronic auction. Furthermore, the group also wanted their offer of โน8640 crore to be qualified as the final one.
NCLAT allowed a second electronic auction for RCapallowing the petition from lenders who wanted to "maximize the value" of the debt-laden company since the offers received were "suboptimal and unsatisfactory."
Leading advocates Mukul Rohatgi and Shyam Diwan had appeared for Torrent in the Supreme Court, while Pooja Dhar represented the CoC.
