Page 3 - Reliance Capital

No deviation in inviting 'challenge mechanism', RCap lender to NCLAT

Lenders of Reliance Capital on Friday submitted before the insolvency appellate tribunal NCLAT that there was no deviation from procedures in the 'challenge mechanism' adopted by them for the resolution of Reliance Capital case. The efforts were towards maximisation of assets and it is for the lenders to decide the value, submitted senior advocate Kapil Sibal representing Vistra ITCL (India) Ltd, one of the lenders of Reliance Capital. The adjudicating authority (NCLT) can not restrain the Committee of Creditors (CoC) from exercising their commercial wisdom, he said. "Ultimately we (CoC) have to decide the value," Sibal said, adding in this case, lenders decided not to cancel the bid after finding it suboptimal but to go for the "challenge mechanism". Sibal further submitted that the National Company Law Tribunal (NCLT) can not decide the value. Hinduja group firm Indusind International Holdings Ltd (IIHL) has also approached the National Company Law Appellate Tribunal (NCLAT), ..

NCLT rejects second auction of Reliance Capital; creditors likely to appeal

Torrent was the highest bidder in the first auction, offering Rs 8,640 crore

NCLT directs lenders to maintain status quo on Reliance Capital matter

The National Company Law Tribunal (NCLT) on Friday directed the lenders of Anil Ambani-promoted Reliance Capital to maintain the status quo and asked all applicants to submit written notes. The tribunal on Wednesday postponed the second auction for Reliance Capital, which was scheduled for January 19, to January 23 (Monday) as the NCLT Mumbai bench could not complete the hearing of arguments of all applicants. The NCLT Mumbai bench, led by Justice Shyam Babu Gautam and Justice Pradeep Narhari Deshmukh, has been hearing the applicants on a day-to-day basis since January 9, when Torrent Investments approached the tribunal seeking to halt the Committee of Creditors's move for a second round of auction or 'Challenge Mechanism'. After the hearing was completed on Friday, applicants including the CoC represented by Kapil Sibal, Torrent Investments represented by Darius Khambata, IIHL represented by (Hinduja), represented by Harish Salve and Abhishek Manu Singhvi among others wished to ..

NCLT asks lenders to delay round of second auction for Reliance Capital

Reliance Capital has a consolidated debt of about Rs 40,000 crore

Torrent asks NCLT to quash CoC's fresh auction round for Reliance Capital

Torrent Investment on Tuesday urged the National Company Law Tribunal (NCLT) to quash the lenders' plans to hold a fresh auction for the takeover of the Anil Ambani-promoted Reliance Capital

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No change in NPV for Reliance Capital, 'number sacrosanct': Torrent

Company goes to NCLT after Hinduja group makes post-auction offer for bankrupt financial services firm

CoC approves 90-day extension for Reliance Capital resolution process

Reliance Capital was sent for debt resolution in November 2021 after it defaulted to loans worth Rs 24,000 crore

Torrent stalls Reliance Capital resolution, CoC approves 90 days' extension

NCLT Mumbai will resume hearing in the Reliance Capital resolution matter on Monday

Torrent group bid not compliant, Reliance Capital lenders tell NCLT

The lenders, who are planning a second round of auction for Reliance Capital on January 19th, are seeking a higher valuation for the bankrupt company

NCLT asks RCap lenders, administrator to reply on Torrent's plea by Monday

Reliance Capital has a consolidated debt of about Rs 40,000 crore

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

NCLT rejects Torrent's plea to halt RCap's CoC voting for second auction

The National Company Law Tribunal (NCLT) on Monday rejected a plea by Torrent Investments -- one of the bidders for the Anil Ambani-promoted Reliance Capital -- that sought to halt the Committee of Creditors' voting to hold a second round of auction. The NCLT, comprising justice PN Deshmukh and Shyam Babu Gautam, declined to grant a stay on Torrent Investments' plea, seeking to stop the Reliance Capital CoC's voting on the second round of auction. The tribunal has kept the matter for hearing on January 12. IndusInd International Holdings (Hinduja), represented by Harish Salve and Abhishek Manu Singhvi, also pleaded to be a party in the matter. Ravi Kadam represented the administrator, while Vikram Nankani appeared for the Torrent Group. Torrent Investments and Hinduja Group company IndusInd International Holdings are in the fray for Reliance Capital. The Hinduja Group entity submitted its bid 24 hours after the auction deadline, which was higher than the top offer made within the

Lenders may hold another round of auction for cash-strapped RCap

Lenders meet on Monday to vote on the proposal

Torrent group now offers Rs 8,640 crore upfront for Reliance Capital

Banking sources said the Challenge Mechanism auction process in the Reliance Capital resolution provided for bidding of only the NPV (net present value) amount and not the payment terms

The spirit of the law

Post-auction bids will delay insolvency resolution

Lenders to meet on Tuesday to discuss bids for Reliance Capital acquisition

The Committee of Creditors (CoC) of debt-ridden Reliance Capital Ltd is scheduled to meet on Tuesday to discuss bids submitted by Torrent Group and Hinduja Group as part of the insolvency resolution process. Ahmedabad-based Torrent Group submitted a bid of Rs 8,640 crore for acquiring the NBFC firm set up by the Anil Ambani Group, sources said. If successful, it will mark the entry of Torrent Group into financial services space. In an e-auction conducted under the Challenge Mechanism, Torrent had presented a resolution plan for Reliance Capital Ltd (RCL) with a net present value of Rs 8,640 crore, while Hinduja's offer was Rs 8,110 crore. The CoC fixed a floor value of Rs 6,500 crore for the auction held on December 21. After the e-auction was over, sources said, Hinduja presented a revised resolution plan with a bid of Rs 9,000 crore and it offered 100 per cent cash upfront. On the other hand, sources said, Torrent Group offered only Rs 3,750 crore as upfront cash, which is 54 p

Torrent escalates Reliance Capital bid war against Hinduja to RBI

The Committee of Creditors will meet on January 3 to take a view on the new twist in the case

Torrent wins race to acquire RCap with Rs 8,640 crore offer to lenders

The Hinduja group also participated in today's auction but lost the race with a Rs 500 crore lower offer

Cosmea-Piramal consortium pulls out of Reliance Capital's bidding

With the exit of Cosmea-Piramal, there are now only three players left in the race -- Hinduja, Torrent, and Oaktree