Reliance Capital insolvency: Torrent to seek urgent hearing against NCLAT order in Supreme Court today

Reliance Capital insolvency: Torrent to seek urgent hearing against NCLAT order in Supreme Court today

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Torrent Group will seek an expedited Supreme Court hearing against a National Company Law Appeals Tribunal (NCLAT) order that allowed a second electronic auction for Reliance Capital (RCap) to be held on Monday.

The group will also seek a tenure in NCLATThe order before the March 20 date set for the extended challenge mechanism of the former firm of the Anil Ambani group. The case is scheduled for a high court hearing on Monday, sources close to the development said.

Grupo Torrent moved the Supreme Court against the NCLAT order last week. In its filing, the Gujarat-based firm called the trustee’s decision to conduct another round of the challenge process “illegal” and sought a faster and time-bound conclusion of the bankruptcy process.

Torrent had also sought to have the Rs 9,000 crore bid from IndusInd International, the firm through which Hinduja Group had made bids, declared invalid as it was made after the first electronic auction had been completed. The group also wants its offer of Rs 8,640 crore to be qualified as the final.

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On March 2, NCLAT authorized the conduct of RCap’s second electronic auction, allowing a request from lenders to maximize the value of the debt-laden company. The appeal court had also told the creditors’ committee (CoC) to take steps to continue negotiations with the resolution applicants under the relevant clauses of the resolution plan.

Following the order, the RCap CoC had decided to hold the second round of electronic auction on March 20.


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