Some of the bidders have raised concerns with the administrator about the introduction of this new section at this last stage of the bidding process, sources said, adding that there was no mention of this mechanism. request for resolution plan (RFRP) document.
These bidders have argued that there was no such clause in the bidding process. DHFLSources said, which was the biggest resolution of debt of over Rs 95,000 crore through NCLT in the financial services sector.
Last date for submission of binding bids for Reliance Capital Ltd (RCL) and its subsidiaries as of November 28.
RCL had given two options to all the bidders. Under the first option, companies can bid for Reliance Capital Limited, which includes its eight subsidiaries or clusters. The second option gave the bidders the freedom to bid for their subsidiaries individually or in combination.
RCL has eight businesses which are in the block. These include general insurance, life insurance, health insurance, securities business and asset reconstruction, among others.
reserve Bank of India (reserve Bank of India) had superseded the board of RCL on November 29 last year in view of payment defaults and serious governance issues.
The RBI appointed Nageswara Rao Y as the administrator with regard to the Corporate Insolvency Resolution Process (CIRP) of the firm.
Reliance Capital is the third largest non-banking financial company (NBFC) against which the central bank has initiated bankruptcy proceedings under the IBC.
the other two were Srei Group NBFCs and Dewan Housing Finance Corporation (DHFL). Later RBI filed an application in Mumbai Bench of NCLT 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.