NCLAT allows another round of bidding for bankrupt firm Reliance Capital

Torrent may move Supreme Court against rebidding

The National Company Law Appellate Trib­u­nal (NCLAT) on Thur­sday allowed another round of bidding for bankrupt financial services firm — Reliance Capital (RCap). The order will help Indian lenders seek better offers from the two bidders — Hinduja group and Ahm­edabad-based Torrent group.

The Torrent group is likely to challenge the order in Supreme Court (SC), informed a legal source. The NCLAT said the SC has made it clear that the commercial wisdom of the committee of creditors (CoC) is paramount and hence it is setting aside the National Company Law Tribunal (NCLT) order.
 

Torrent had moved NCLT to stop