Page 3 - Reliance Capital

RCap lenders in a fix as Hindujas retract revised Rs 8,950-crore offer

The revised Hinduja stand has put Indian lenders, with an exposure of Rs 24,000 crore, in a spot as it was the Hindujas offer which led to a call for second auction and litigation by the other bidder

RCap insolvency: SC agrees to hear Torrent plea against NCLAT order

Hearing on March 20; second round of auction of RCap auctions allowed by NCLAT stand deferred, say lawyers

Top headlines: FMCG demand up in Feb, Torrent moves SC against NCLAT order

Business Standard brings you the top headlines at this hour

Free to negotiate for maximising asset value, RCap lenders tell NCLAT

Lenders of Anil Ambani-promoted Reliance Capital had moved the NCLAT (National Company Law Appellate Tribunal) challenging an order of the NCLT which restricted further auction of the bankrupt firm

RBI appoints Vikramaditya Singh Khichi in advisory panel of Reliance Cap

The Reserve Bank of India (RBI) on Friday appointed Vikramaditya Singh Khichi, former ED of Bank of Baroda, on a panel to advise the administrator of crisis-ridden Anil Ambani-promoted Reliance Capital. Khichi has been appointed in the advisory committee of Reliance Capital consequent upon the resignation of Srinivasan Varadarajan from the panel, . In November 2021, the RBI had superseded the board of Anil Ambani-promoted Reliance Capital Ltd (RCL) and later initiated bankruptcy proceedings against the debt-ridden NBFC in view of payment defaults and serious governance issues. The other two members of the advisory committee are Sanjeev Nautiyal (former DMD, State Bank of India) and Praveen P Kadle (former MD & CEO of Tata Capital Limited). "The Advisory Committee shall advise the Administrator in the operations of Reliance Capital Ltd during the corporate insolvency resolution process," RBI said. In September 2021, Reliance Capital in its annual general meeting (AGM) had informed

No deviation in inviting 'challenge mechanism', RCap lender to NCLAT

Lenders of Reliance Capital on Friday submitted before the insolvency appellate tribunal NCLAT that there was no deviation from procedures in the 'challenge mechanism' adopted by them for the resolution of Reliance Capital case. The efforts were towards maximisation of assets and it is for the lenders to decide the value, submitted senior advocate Kapil Sibal representing Vistra ITCL (India) Ltd, one of the lenders of Reliance Capital. The adjudicating authority (NCLT) can not restrain the Committee of Creditors (CoC) from exercising their commercial wisdom, he said. "Ultimately we (CoC) have to decide the value," Sibal said, adding in this case, lenders decided not to cancel the bid after finding it suboptimal but to go for the "challenge mechanism". Sibal further submitted that the National Company Law Tribunal (NCLT) can not decide the value. Hinduja group firm Indusind International Holdings Ltd (IIHL) has also approached the National Company Law Appellate Tribunal (NCLAT), ..

NCLT rejects second auction of Reliance Capital; creditors likely to appeal

Torrent was the highest bidder in the first auction, offering Rs 8,640 crore

NCLT directs lenders to maintain status quo on Reliance Capital matter

The National Company Law Tribunal (NCLT) on Friday directed the lenders of Anil Ambani-promoted Reliance Capital to maintain the status quo and asked all applicants to submit written notes. The tribunal on Wednesday postponed the second auction for Reliance Capital, which was scheduled for January 19, to January 23 (Monday) as the NCLT Mumbai bench could not complete the hearing of arguments of all applicants. The NCLT Mumbai bench, led by Justice Shyam Babu Gautam and Justice Pradeep Narhari Deshmukh, has been hearing the applicants on a day-to-day basis since January 9, when Torrent Investments approached the tribunal seeking to halt the Committee of Creditors's move for a second round of auction or 'Challenge Mechanism'. After the hearing was completed on Friday, applicants including the CoC represented by Kapil Sibal, Torrent Investments represented by Darius Khambata, IIHL represented by (Hinduja), represented by Harish Salve and Abhishek Manu Singhvi among others wished to ..

NCLT asks lenders to delay round of second auction for Reliance Capital

Reliance Capital has a consolidated debt of about Rs 40,000 crore

Torrent asks NCLT to quash CoC's fresh auction round for Reliance Capital

Torrent Investment on Tuesday urged the National Company Law Tribunal (NCLT) to quash the lenders' plans to hold a fresh auction for the takeover of the Anil Ambani-promoted Reliance Capital

Top headlines: Windfall tax cuts, Reliance Capital auction, and more

Business Standard brings you the top headlines at this hour

No change in NPV for Reliance Capital, 'number sacrosanct': Torrent

Company goes to NCLT after Hinduja group makes post-auction offer for bankrupt financial services firm

CoC approves 90-day extension for Reliance Capital resolution process

Reliance Capital was sent for debt resolution in November 2021 after it defaulted to loans worth Rs 24,000 crore

Torrent stalls Reliance Capital resolution, CoC approves 90 days' extension

NCLT Mumbai will resume hearing in the Reliance Capital resolution matter on Monday

Torrent group bid not compliant, Reliance Capital lenders tell NCLT

The lenders, who are planning a second round of auction for Reliance Capital on January 19th, are seeking a higher valuation for the bankrupt company

NCLT asks RCap lenders, administrator to reply on Torrent's plea by Monday

Reliance Capital has a consolidated debt of about Rs 40,000 crore

Lenders approve second round of auction for bankrupt Reliance Capital

In the first round, Torrent group emerged as the highest bidder by offering Rs 8,640 crore

NCLT rejects Torrent's plea to halt RCap's CoC voting for second auction

The National Company Law Tribunal (NCLT) on Monday rejected a plea by Torrent Investments -- one of the bidders for the Anil Ambani-promoted Reliance Capital -- that sought to halt the Committee of Creditors' voting to hold a second round of auction. The NCLT, comprising justice PN Deshmukh and Shyam Babu Gautam, declined to grant a stay on Torrent Investments' plea, seeking to stop the Reliance Capital CoC's voting on the second round of auction. The tribunal has kept the matter for hearing on January 12. IndusInd International Holdings (Hinduja), represented by Harish Salve and Abhishek Manu Singhvi, also pleaded to be a party in the matter. Ravi Kadam represented the administrator, while Vikram Nankani appeared for the Torrent Group. Torrent Investments and Hinduja Group company IndusInd International Holdings are in the fray for Reliance Capital. The Hinduja Group entity submitted its bid 24 hours after the auction deadline, which was higher than the top offer made within the

Lenders may hold another round of auction for cash-strapped RCap

Lenders meet on Monday to vote on the proposal

Torrent group now offers Rs 8,640 crore upfront for Reliance Capital

Banking sources said the Challenge Mechanism auction process in the Reliance Capital resolution provided for bidding of only the NPV (net present value) amount and not the payment terms