CoC members, bidders must be barred from buying RCap bonds held by LIC: NGO

They are "insiders" and have access to crucial information, says Infrastructure Watchdog; meanwhile, last date if bond sale to be extended to July 22 as LIC finds no takers

The lenders of bankrupt Reliance Capital, who are now members of the committee of creditors, and about 54 bidders for the company’s assets should be banned from participating in the sale of the company’s bonds by the Life Insurance Corporation, as they are “insiders” and have access to crucial information, an industry watchdog has said.

The Infrastructure Watchdog, a Delhi-based non-governmental organisation, said as part of the bankruptcy process, the RBI-appointed administrator has invited expressions of interest for Reliance Capital and its assets from the prospective bidders. Several prospective bidders, who are interested in acquiring Reliance Capital assets, have submitted