Ahmedabad-based Torrent Investment has approached the Supreme Court for the second time to stay a resolution plan that the Hinduja Group has filed to take over the bankruptcy. Trusted capital.
Torrent, in an urgency letter filed on Tuesday, urgently sought the court's intervention to quickly resolve the pending appeals challenging the second round of auction of Reliance Capital's assets on April 26.
In that round, Hinduja Group's IIHL emerged as the sole bidder after Torrent Investment opted out. IIHL submitted a cash offer of Rs 9,800 crore. In June, Reliance Capital lenders overwhelmingly approved IIHL's resolution plan, garnering 99.6 per cent of the votes. The plan is awaiting final approval from the National Company Law Tribunal (NCLT).
This is the second time that Torrent has sought the intervention of the Supreme Court to block the approval of the IIHL resolution plan by the NCLT. An earlier attempt, on August 25, failed when the court refused to stay the proceedings.
Torrent's fresh attempt said that while its appeals were pending before the Supreme Court, Reliance Capital's committee of creditors (COC) proceeded with the second round of auction and approved the IIHL resolution plan and submitted it for NCLT approval. . The NCLT will hear the IIHL's plan on October 25. According to Torrent Investment, these measures were taken by the banks despite the company's pending appeals to the Supreme Court.
Torrent said that he once again requested the attention of the Supreme Court to immediately hear his pending appeals due to these events. The court will hear the matter on October 11.
First published: October 4, 2023 | 14:18 IS
