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The Indian lenders failed to hold the second round of auction to sell the assets of Reliance Capital on Monday after the National Company Law Tribunal's (NCLT) Mumbai Bench pronounced an oral order to maintain status till it passes the final order.
The matter is reserved for judgment and the NCLT Bench mentioned that the order will be issued next week.
Torrent, which was the highest bidder in the first round, had moved the NCLT against the lenders move to hold a second round to get better value for Reliance Capital assets.
Lenders have argued that as both Torrent and Hinduja offers are sub-optimal, they have to carry out second round of auction.
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First Published: Mon, January 23 2023. 21:15 IST