Photo: IANS
The NCLT Mumbai will resume hearing the Reliance Capital resolution matter on Monday.
During the hearing on the matter on Thursday, January 12, senior counsel Kapil Sibal, who was appearing for the RCAP COC, informed the court that the offer submitted by Torrent does not meet the requirements.
#NewsAlert | The Reliance Capital administrator will seek an additional 90 days to complete the resolution process, according to the source... t.co/GDfAbGUy7s
- ANI (@ANI) January 13, 2023
Sibal further said that after the Administrator wrote to Torrent on January 4, Torrent changed its entire offer on January 6, PTI reported.
Sibal added that Torrent does not even reach the threshold of the third round of the Challenge Mechanism. Therefore, he defaults in the third round and could not have participated in the fourth round.
According to the first challenge mechanism, the threshold bids amounted to Rs 6,500 crore, while the highest NPV offered by applicants was Rs 7,210 crore.
However, Torrent's offer in the second round was only Rs 7,500 crore, which should be the company's final offer, while the IIHL (Hinduja) cash offer of Rs 8,110 crore in the third round is higher than Torrent's offer of Rs 7,500 crore. .
Hinduja's IIHL is offering additional cash upfront of Rs 900 crore, on top of its Rs 8,110 crore offer, to lenders, and this further realization cannot be denied to lenders including LIC and EPFO, it reported. PTI.
