The spirit of the law

Post-auction bids will delay insolvency resolution

The resolution process of Reliance Capital was put on hold this week till the next hearing before the National Company Law Tribunal’s (NCLT’s) Mumbai Bench on January 12. The decision of the Bench will not only have implications for the parties involved in the matter but also for the insolvency resolution process in general. The process has been stayed on the objection of the Torrent group, the highest bidder for Reliance Capital. The Hinduja group made a fresh offer to the lenders after the auction was completed and this is what is being objected to by the Torrent group. The