Reliance Captial

The Mukesh Ambani-owned company is cemented as the largest retailer in India and has 304 million registered customers

nalysts at BNP Paribas, in May 2024 telecom report, had said that they expected the industry growth rate to accelerate in coming quarters led by tariff hikes which, coupled with moderation in subscrib

nalysts at BNP Paribas, in May 2024 telecom report, had said that they expected the industry growth rate to accelerate in coming quarters led by tariff hikes which, coupled with moderation in subscrib

The company says the insolvency tribunal approved the plan when appeals against it were pending

Lenders of debt-ridden Reliance Capital (RCAP) on Monday decided to go for a second auction on April 4 in their bid to maximise recovery as part of the resolution process, sources said. According to sources, IndusInd International Holdings Ltd (IIHL) of Hinduja Group on Monday told the Committee of Creditors (CoC) it will retain the earlier bid of Rs 9,000 crore upfront cash. The 38th meeting of the CoC on March 23, 2023 was adjourned and the adjourned meeting was subsequently held today i.e. Monday, RCAP said in a regulatory filing. For a fresh round of bidding, CoC decided to set the base bid at Rs 9,500 crore on a Net Present Value basis, with a minimum cash component of Rs 8,000 crore. Earlier, the Supreme Court on March 20, 2023, admitted the appeal of Torrent Investments -- the highest bidder with Rs 8,640 crore resolution plan -- against the lenders' decision to hold another round of auction. The SC has permitted the lenders to go-ahead with further action as per the Nation

Reliance Capital's lenders move to conduct a second round of auction is facing difficulties as the bidders are not said to be keen on another round under the insolvency resolution

The only resolution done for a financial services company under special powers of RBI Section 227 was DHFL which was won by Piramal Group

COC to meet today, second auction likely to be held on March 29, say lawyers privy to the matter

Once an account is settled with the highest bidder paying their bid amount, then it frees part of bank's locked fund in an account which could be used for lending purposes

The second-round auction, scheduled for March 20, will not take place now, further delaying the resolution process of RCAP

The initial bidding process ended on December 21, 2022 and Torrent Investments was found to be the highest bidder with Rs 8,640 crore

The lenders' of RCap have decided to hold the second round of e-auction, following the NCLAT order, on March 20

Minimum bid amount fixed at Rs 9,500 crore

Torrent may move Supreme Court against rebidding

The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed a petition filed by lenders of Reliance Capital seeking another round of auction for the debt-ridden firm undergoing insolvency process. A two-member bench set aside an order passed by NCLT and said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid. The appellate tribunal permitted the CoC to continue with the challenge mechanism and invite bids after two weeks. The NCLAT order came on a petition filed by Vistra ITCL (India), one of the lenders of Anil Ambani-promoted Reliance Capital, challenging an order of NCLT which restricted further auction of the bankrupt firm. In the Reliance Capital (RCap) matter, Torrent Investments had emerged as the highest bidder with a resolution plan of Rs 8,640 crore. However, the CoC of RCap decided to conduct a second challenge mechanism and then Hinduja Group firm Indusind International Holdings Ltd (IIHL) put a revised bid. This was ...

The lenders of Reliance Capital have submitted before the National Company Law Appellate Tribunal (NCLAT) that the Committee of Creditors (CoC) of the corporate debtor Reliance Capital Ltd

The National Company Law Appellate Tribunal (NCLAT) on Tuesday concluded its hearing and reserved its order over the petition filed by lenders of Reliance Capital seeking a second round of financial bids for the debt-ridden firm, presently going through the insolvency resolution process. Senior advocate Mukul Rohatgi, representing Torrent Investments concluded his arguments and submitted that the Insolvency & Bankruptcy Code (IBC) intends for maximisation of the value, but the focus should be on the revival of the assets. Rohatgi contended that IBC is not a debt recovery platform and the Committee of Creditors should look beyond their individual recovery. "Focus should be on viability and feasibility," he said. On Monday, senior advocate Kapil Sibal representing for lenders had submitted that the intent of IBC is to maximise the value of the assets and the Committee of Creditors are free to negotiate the terms NCLAT was hearing a petition filed by Vistra ITCL (India), one of the .

Lenders of Reliance Capital on Monday told appellate tribunal NCLAT that there are no fetters on the power of creditors for negotiating over resolution plans in pursuit of higher valuation for the stressed asset. The intent of the Insolvency & Bankruptcy Code (IBC) is to maximise the value of the assets and the Committee of Creditors are free to negotiate with the terms for that, advocate Kapil Sibal said concluding arguments on behalf of lenders. Lenders of Anil Ambani-promoted Reliance Capital had moved the NCLAT (National Company Law Appellate Tribunal) challenging an order of the NCLT which restricted further auction of the bankrupt firm. The Mumbai bench of the NCLT (National Company Law Tribunal), on February 2, had said the challenge mechanism for financial bids stood concluded as on December 21, 2022, with the bid of Torrent Investments at Rs 8,640 crore being the highest. Sub-clause (1-A) to Regulation 39 of IBC allows the lenders power for negotiations on the resolution .

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The dispute is now pending at the National Company Law Appellate Tribunal (NCLAT)