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Open to negotiate after auction, lenders tell Reliance Cap bidders

They decided that they reserve the right to negotiate with the bidders even after the second auction is over

Reliance Capital

Reliance Capital

BS Reporter

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Reliance Capital lenders on Thursday decided they cannot guarantee finality to the bidders after the extended challenge mechanism. 

They decided that they reserve the right to negotiate with the bidders even after the second auction is over. 

Two of the largest lenders have opposed the demand of bidders that the lenders should guarantee the finality of the resolution process to the bidders' after the second round of auction to be held on April 26th.

Earler, NCLT Mumbai has extended Reliance Capital's resolution process deadline by 90 days to July 16. The current deadline ended on April 14.

The deadline extension was necessitated as the lenders have decided to hold a second round of auction on April 26 in order to maximise the recovery from the sale of Reliance Capital assets.

The three bidders, i.e., Torrent, IIHL and Oaktree have confirmed their participation in the auction.

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First Published: Apr 20 2023 | 11:09 PM IST

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