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Lenders of Reliance Capital to meet on Monday to consider bidders' concerns

Ahead of the second round of auction scheduled on April 26, lenders of debt-ridden Reliance Capital (RCap) will meet on Monday to resolve concerns raised by bidders, sources said. Both the potential bidders, Torrent Investment and IndusInd International Holdings Ltd (IIHL) of Hinduja Group, have expressed multiple reservations on the proposed auction and its terms and conditions. According to sources, both the bidders have made it clear to the Committee of Creditors (CoC) that unless the issues raised by them are duly resolved to their complete satisfaction, they are unlikely to participate in the second round of auction. The COC is likely to meet again on Monday to address the concerns of bidders. Both the bidders want finality, certainty, transparency, no negotiation in value or on terms and conditions, after the second round of auction is over, they said. The two largest lenders of Reliance Capital -- Employees' Provident Fund Organisation (EPFO) and LIC are against giving any

RIL may be a greater threat to D2C FMCG brands, says Kantar report

Reliance, which is now active in a variety of fast-moving consumer goods businesses, might pose a challenge to these smaller online-only firms, the report said

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 resolution process completion deadline extended to July 16

The bidders have asked the Reliance Capital lenders to ensure that the resolution plans are IBC and RFRP compliant

Lenders of Reliance Capital fix Apr 26 as new date for second auction

As per the earlier schedule, it was to be held on April 11

Reliance Cap second auction postponed again; new date to be decided soon

Lenders of debt-ridden Reliance Capital (RCap) have postponed again the second auction proposed to be held on Tuesday, sources said. However, no new date has been decided yet, sources said, adding, it may be finalised in a week or two. Last week, lenders postponed the second auction to April 11. According to sources, the bidders who have confirmed their participation in the second round of auction are IndusInd International Holdings Ltd (IIHL) of Hinduja Group, Torrent Investment and Singapore-based Oaktree. The major concern of the bidders is the compliance of resolution plans with the Insolvency and Bankruptcy Code (IBC) and Request for Resolution Plan (RFRP), guidelines, as in the first round of auction, the Hinduja Group firm submitted the bid post-auction. This bidding post-auction is being contested by Torrent Investment in the Supreme Court as it was the highest bidder as per the auction. The Committee of Creditors (CoC) also has to incorporate the Supreme Court order in th

Reliance Capital lenders to go for 2nd auction on Apr 4 to maximise return

Lenders of debt-ridden Reliance Capital (RCAP) on Monday decided to go for a second auction on April 4 in their bid to maximise recovery as part of the resolution process, sources said. According to sources, IndusInd International Holdings Ltd (IIHL) of Hinduja Group on Monday told the Committee of Creditors (CoC) it will retain the earlier bid of Rs 9,000 crore upfront cash. The 38th meeting of the CoC on March 23, 2023 was adjourned and the adjourned meeting was subsequently held today i.e. Monday, RCAP said in a regulatory filing. For a fresh round of bidding, CoC decided to set the base bid at Rs 9,500 crore on a Net Present Value basis, with a minimum cash component of Rs 8,000 crore. Earlier, the Supreme Court on March 20, 2023, admitted the appeal of Torrent Investments -- the highest bidder with Rs 8,640 crore resolution plan -- against the lenders' decision to hold another round of auction. The SC has permitted the lenders to go-ahead with further action as per the Nation

CoC stares at liquidation as IIHL, Torrent pause bidding for next round

Reliance Capital's lenders move to conduct a second round of auction is facing difficulties as the bidders are not said to be keen on another round under the insolvency resolution

Torrent Investments unlikely to participate in 2nd auction for Reliance Cap

The only resolution done for a financial services company under special powers of RBI Section 227 was DHFL which was won by Piramal Group

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

Lenders to miss March-end deadline to resolve key insolvency cases

Once an account is settled with the highest bidder paying their bid amount, then it frees part of bank's locked fund in an account which could be used for lending purposes

SC to hear Torrent plea against NCLAT allowing 2nd RCap auction on March 20

The second-round auction, scheduled for March 20, will not take place now, further delaying the resolution process of RCAP

Torrent Group to appeal against NCLAT order in Reliance Cap matter in SC

The initial bidding process ended on December 21, 2022 and Torrent Investments was found to be the highest bidder with Rs 8,640 crore

Torrent moves SC against NCLAT order on auction of Reliance Capital assets

The lenders' of RCap have decided to hold the second round of e-auction, following the NCLAT order, on March 20

Reliance Capital lenders seek Rs 8k-crore upfront cash for second auction

Minimum bid amount fixed at Rs 9,500 crore

NCLAT allows another round of bidding for bankrupt firm Reliance Capital

Torrent may move Supreme Court against rebidding

RCap resolution: NCLAT allows lenders' plea for another round of bidding

The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed a petition filed by lenders of Reliance Capital seeking another round of auction for the debt-ridden firm undergoing insolvency process. A two-member bench set aside an order passed by NCLT and said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid. The appellate tribunal permitted the CoC to continue with the challenge mechanism and invite bids after two weeks. The NCLAT order came on a petition filed by Vistra ITCL (India), one of the lenders of Anil Ambani-promoted Reliance Capital, challenging an order of NCLT which restricted further auction of the bankrupt firm. In the Reliance Capital (RCap) matter, Torrent Investments had emerged as the highest bidder with a resolution plan of Rs 8,640 crore. However, the CoC of RCap decided to conduct a second challenge mechanism and then Hinduja Group firm Indusind International Holdings Ltd (IIHL) put a revised bid. This was ...

More value to be discovered, NCLT has usurped powers of CoC: Reliance

The lenders of Reliance Capital have submitted before the National Company Law Appellate Tribunal (NCLAT) that the Committee of Creditors (CoC) of the corporate debtor Reliance Capital Ltd

RCap Resolution: NCLAT concludes hearing, reserves order on lenders' plea

The National Company Law Appellate Tribunal (NCLAT) on Tuesday concluded its hearing and reserved its order over the petition filed by lenders of Reliance Capital seeking a second round of financial bids for the debt-ridden firm, presently going through the insolvency resolution process. Senior advocate Mukul Rohatgi, representing Torrent Investments concluded his arguments and submitted that the Insolvency & Bankruptcy Code (IBC) intends for maximisation of the value, but the focus should be on the revival of the assets. Rohatgi contended that IBC is not a debt recovery platform and the Committee of Creditors should look beyond their individual recovery. "Focus should be on viability and feasibility," he said. On Monday, senior advocate Kapil Sibal representing for lenders had submitted that the intent of IBC is to maximise the value of the assets and the Committee of Creditors are free to negotiate the terms NCLAT was hearing a petition filed by Vistra ITCL (India), one of the .