Torrent has an interim stay from NCLT, Mumbai in the trust capital resolution process, since the COC, in its meeting on Tuesday, discussed the resolution plans of the bidders.
Legal counsel, AZB & Partners for the administrator and Luthra & Luthra for the COC, noted that the Torrent and IIHL resolution plans do not legally comply with the IBC and other laws.
Legal counsel, AZB & Partners for the administrator and Luthra & Luthra for the COC, noted that the Torrent and IIHL resolution plans do not legally comply with the IBC and other laws.
Financial advisers, Deloitte and KPMG comparison noted that Torrent's initial cash was only Rs 3,750 crore, against the IIHL's offer of Rs 9,000 crore cash up front.
Torrent's deferred payment from 3 to 5 years is without Torrent Investment's corporate guarantee offered in the first round and at zero interest.
Torrent also wants the COC to allow a charge on Reliance Capital's assets for deferred financing.
The COC will commit to the bidders for compliance.
It has also decided to file an extension request with the NCLT to extend the deadline for completion of the resolution process from January 31 to February 15.
