New Delhi, March 8 (IANS) The Torrent Group, a bidder for bankrupt firm Reliance Capital (RCap), has decided to move the Supreme Court to challenge the National Company Law Appeals Tribunal (NCLAT) order of conduct a second round of auction for active RCap.
According to the high court website, the Torrent Group petition is not listed as of yet, however sources said the matter is likely to be brought up next week at the court's post-holiday reopening. of Holi.
Earlier this month, NCLAT's order came in a petition filed by Vistra ITCL (India), which is one of Reliance Capital's lenders, against NCLT's order restricting the bankrupt company from auctioning.
Following NCLAT's order, RCap lenders had decided to hold the second round of electronic auction on March 20.
Torrent, after the first auction, was the highest bidder with a bid of Rs 8,640 crore by Reliance Capital. The Reliance Capital CoC opted for a second auction after the Hinduja group made a bid of Rs 9,000 crore. Torrent challenged this before the Mumbai court of the NCLT (National Company Law Court).
In February, NCLT held that the challenge mechanism for financial offers concluded on December 21, 2022, with Torrent Investments' offer of Rs 8,640 crore being the highest. This order was challenged by the RCap CoC at NCLAT.
Vistra ITCL (India), one of Reliance Capital's lenders, had moved NCLAT in defiance of an NCLT order restricting future auctioning of the bankrupt company.
RCap was sent for debt resolution in November 2021 after the company defaulted on loans worth Rs 24,000 crore.
--IANOS
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