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SC refuses to stay NCLAT's order on second round of RCap auction

COC to meet today, second auction likely to be held on March 29, say lawyers privy to the matter

Reliance Capital
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Bhavini Mishra New Delhi
The Supreme Court on Monday refused to grant interim relief to Gujarat-based Torrent Group, which wanted a stay on the National Company Law Appellate Tribunal (NCLAT) order allowing the lenders of Reliance Capital (RCap) to hold a second round of auction for the sale of the bankrupt firm.

A Bench of justices Sanjiv Khanna and MM Sundresh allowed the Committee of Creditors (CoC) of RCap to go ahead with the extended challenge mechanism to maximise the value of the debt-ridden assets.

The second round of auction is likely to be held on March 29, advocates privy to the matter told Business Standard.

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First Published: Mar 20 2023 | 6:15 PM IST

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