RCap resolution: NCLAT issues notices to Torrent Investments and others on the lender's plea
- The appellate tribunal has directed to list the petition on February 9, 2023, saying the appeal would be heard and decided by it.
- Vistra ITCL (India) Ltd, one of the members of the
Committee of Creditors of Reliance Capital, has moved NCLATagainst an NCLTorder.
- It upheld the plea by
Torrent Investmentschallenging bankers' decision to go for the second round of auctions in pursuit of higher value for the bankrupt company.
The appellate tribunal has directed to list the petition on February 9, 2023, saying the appeal would be heard and decided by it.
Vistra ITCL (India) Ltd, one of the members of the Committee of Creditors of
On February 2, the
It upheld the plea by Torrent Investments challenging bankers' decision to go for the second round of auctions in pursuit of higher value for the bankrupt company.
NCLT in its order said the bench allows Torrent Investments' application and declared that the challenge mechanism for financial bids stood concluded as on December 21, 2022, with the bid of the applicant at Rs 8,640 crore being the highest.
Torrent Investments had filed a plea on January 9, requesting the tribunal to quash the lenders' plan to hold a fresh auction for the takeover of RCap.
Torrent Investment was the highest bidder offering Rs 8,640 crore in the last round of the 'challenge mechanism'.
Reliance Capital has a consolidated debt of about Rs 40,000 crore.
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