Reliance Capital resolution process deadline likely to be extended again

Deadline for resolution process ends on April 16; matter goes under litigation as one bidder moves court

The lenders to Reliance Capital plan to extend the deadline to complete the resolution process to the end of May after litigation by one bidder.

The deadline for the resolution process ends on April 16. A second round of auction for the bankrupt company, scheduled April 11, is likely to be postponed by another one week till all issues raised by bidders are resolved, said a banking source.

Three bidders—Torrent, Hinduja, Oaktree—are still in talks with the committee of creditors (CoC) on certain issues they have raised.

Bidders are seeking more transparency from the CoC for the next round of auction and have demanded that a separate e-portal be created on the extended challenge mechanism.

 

In the first round of auction on December 21 last year, Torrent emerged as the highest bidder by offering Rs 8,650 crore for Reliance Capital’s assets. The CoC then decided to hold another auction to maximise the value of the assets, prompting Torrent to go to the Supreme Court.