New Delhi, Sep 11 (PTI) Lawsuits for people in debt Reliance Capital Limited (RCLhas sought an extension of up to 4 months for submission of binding bids as part of its resolution process. US-based asset management fund Advent has sought an extension of 16 weeks, while Piramal Finance Sources said an additional time of 12 weeks has been sought, which is till December.

As per the current deadline, the last date for submission of binding bids along with earnest money (EMD) of Rs 75 crore is September 29.

Sources said there are other bidders who have also sought a similar extension of the time limit for filing binding bids. indusind bank 10 weeks extension sought Oak tree for 12 weeks and Zurich Ray Has requested for an extension of 8 weeks, saying that due diligence will take time.

According to sources, the committee of creditors (CoC) will meet in the coming week to decide on extension of time to ensure maximum value and maximum binding bids for the lenders. Reliance capital asset.

Time limit for filing final resolution plan with National Company Law Tribunal (NCLT) is November 1, 2022.

Last month, six bids – Torrent, IndusInd Bank, Oaktree Capital, Cosmia Financial, autumn investmentand B Wright Group – for the entire assets of Reliance Capital.

These bids were in the range of Rs 4,500 crore for the company, which has eight different business verticals.

Three contenders – Piramal Finance, Zurich Re, Advent – have submitted bids between Rs 3,500 crore and Rs 7,000 crore for the Reliance General Insurance business alone.

There were two options available to the bidders. Under the first option, the bidders were required to submit bids for the entire RCL and in the second option, they had the option of bidding for specific verticals of the company.

Jindal Steel and Power And UV Asset Reconstruction Company has submitted bids for the asset reconstruction business of RCL.

Choice Equity and Global Fincap are among the bidders for other assets of RCL.

reserve Bank of India (reserve Bank of India) had superseded the board of RCL on November 29 last year in view of payment defaults and serious governance issues.

RBI appointed Nageswara Rao Y as Administrator in respect of Corporate Insolvency Resolution Process (CIRP) of the company.

It is the third largest non-banking financial company (NBFC) against which the central bank has initiated bankruptcy proceedings under the Insolvency and Bankruptcy Code (IBC). The other two were Srei Group NBFCs and Dewan Housing Finance Corporation (DHFL).

RBI subsequently filed an application in the Mumbai Bench of the National Company Law Tribunal to initiate CIRP against the company.

In February this year, an RBI-appointed administrator had invited expressions of interest for the sale of Reliance Capital.