Chennai: With the Reliance Capital Ltd bankruptcy Creditors' Committee (CoC) set for the second round of the Challenge Mechanism on March 20, Torrent Group, one of the suitors, is likely to mention its declaration in the high court on Monday.
The Torrent group can petition the Supreme Court to stay the National Company Law Appeals Tribunal's (NCLAT) order in favor of the Reliance Capital lenders and allow another round of auction for the financial services company.
The lenders had approached NCLAT against an earlier order from the National Company Law Tribunal (NCLT) that restricted the CoC from extending the auction round to find a higher value for the company. In the next round of bidding, the minimum/reserve price will be Rs 8,000 crore cash in advance, then the first round will be Rs 9,500 crore and then it will be Rs 10,000 crore and Rs 250 crore after each round, it is known .
The initial bidding process ended on December 21, 2022, and Torrent Investments was found to be the highest bidder at Rs 8,640 crore. Soon after, Hinduja Group's IIHL made an offer of 9,000 crores.
