NCLT extends Reliance Capital resolution deadline to January 31, 2023
This is the third extension, as the timeline has been extended twice in the past.
As per the Insolvency and Bankruptcy Code (IBC) rules, the administrator had to originally close the resolution of RCL within 180 days -- by June 3.
Earlier, the lenders of
The bidders were not happy with this 30 days extension as most of them had sought extension by 2 to 4 months.
Reliance Capital had received 14 non-binding bids for its multiple businesses. Six companies had submitted bids for the entire company, while the rest of the bidders had submitted bids for its multiple subsidiaries.
Torrent, IndusInd, Oaktree, Cosmea Financial, Authum Investment, and B Right Real Estate have submitted bids in the range of Rs 4000 crore to Rs 4500 crore for Reliance Capital's entire assets.
Jindal Steel and Power and UVARC have submitted bids for Reliance Capital's ARC business.
For other assorted assets of Reliance Capital, three bidders -- Choice Equity, Global Fincap and Grand Bhawan have submitted the bids.
AdvertisementAt the beginning of the resolution process of Reliance Capital over 54 companies had submitted Expression of Interest (EOI) for its various assets, out of which only 14 are now in fray.
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