A mail sent to Hinduja Group did not elicit any response till the time of writing this story.
Earlier this week, Ahmedabad-based Torrent Group became the highest bidder to acquire the NBFC unit of the Anil Ambani Group by quoting Rs 8,640 crore.
However, sources said Hinduja’s attempt to change his bid after the e-auction was not allowed under the challenge mechanism.
This is the first time that a re-auction has been conducted under Insolvency and Bankruptcy bankruptcy Code (IBC).
One of the main concerns expressed in the CoC meeting on Friday is that if any change in the Net Present Value (NPV) is allowed by any bidder after the e-auction, the entire process could get mired in legal tangles. Will go
During the meeting, the Administrator apprised the Committee of Creditors (CoC) about the position and with reference to the activities of the Corporate Insolvency Resolution Process (CIRP) or milestones set under the Code and the ongoing ongoing operations of the company. Reliance Capital said in a regulatory filing. According to sources, a meeting of creditors is to be held on December 26 to review the resolution process and consider the bids received.
as per the orders of National Company Law Tribunal ,NCLT), the lenders have to complete the resolution process of Reliance Capital by January 31, 2023.
reserve Bank of IndiaSources said the decision to invoke special powers under section 227 of IBC for resolution of Reliance Capital has proved to be a major success for the lenders and is the second successful resolution after DHFL.
reserve Bank of India The Reserve Bank of India (RBI) on November 29 last year superseded the board of Reliance Capital in the wake of payment defaults and serious governance issues.
The RBI appointed Nageswara Rao Y as the administrator in connection with the Corporate Insolvency Resolution Process (CIRP) of the firm.
Reliance Capital is the third large non-banking financial company (NBFC) against which the central bank has initiated bankruptcy proceedings under the IBC.
the other two were shrei group NBFC and Dewan Housing Finance Corporation (DHFL).
The RBI subsequently filed an application in the Mumbai bench of the National Company Law Tribunal (NCLT) for initiation of CIRP against the company.
In February this year, the RBI-appointed administrator had sought expressions of interest for the sale of Reliance Capital.