NCLT extends Reliance Capital debt resolution deadline to January

This is the third deadline extension as the lenders seek better offers from the bidders

The National Company Law Tribunal (NCLT) has extended the deadline to complete the debt resolution process of Reliance Capital to January next year from November 1 this year. This is the third time the deadline has been extended as the lenders seek better offers from the bidders.

Under the Insolvency and Bankruptcy Code (IBC) rules, the administrator had to originally close the resolution by June 3.

Earlier, Reliance Capital lenders had given an extension of 30 days to bidders for submission of binding bids, along with a deposit of Rs 75 crore by October 31. The deadline for the binding offer is also expected to be extended.

Reliance Capital had received 14 non-binding bids for its multiple businesses. Six companies had submitted bids for the entire company, while the rest of the bidders had submitted bids for its multiple subsidiaries.