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

The Supreme Court has agreed to hear on March 20, the appeal filed by Torrent Investment Ltd against the National Company Law Appellate Tribunal (NCLAT) order allowing the second round of auctions of Reliance Capital assets.

With the apex court hearing underway, the second auction of Reliance Capital (RCap) assets scheduled for March 20 will not take place now, the lawyers privy to the matter told Business Standard.

The NCLAT on March 2 allowed another round of bidding for the assets of bankrupt financial services firm RCap. This was to help Indian lenders seek better offers from the two bidders,