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

In a landslide decision, the Indian lenders voted in favour of conducting a second round of auction for the assets of bankrupt Reliance Capital. 

The first round of auction saw Ahmedabad-based Torrent group emerging as the highest bidder with an offer of Rs 8,640 crore, while the Hinduja group bid was Rs 8,110 crore. Hinduja changed its offer after the auction to Rs 9,000 crore in a separate communication to the committee of creditors.

However, Torrent challenged the second round in court, saying post-auction offers should not be entertained as it vitiates and delays the process. The National Company Law