NCLT gives interim relief to Torrent, puts Hinduja's RCap offer on hold

During the auction, Hinduja made an offer of Rs 8,110 crore, but raised it to Rs 9,000 crore and offered 100 per cent upfront cash to the lenders

The highest bidder for Reliance Capital, Torrent group, received an interim relief from the National Company Law Tribunal (NCLT) Mumbai bench, which asked the lenders to keep Hinduja group’s post-auction offer in abeyance till the next hearing.

The Torrent, which offered Rs 8,640 crore for Reliance Capital, had asked the lenders not to entertain Hinduja’s post-auction offer of Rs 9,000 crore as accepting late offers would defeat the entire challenge process. At the hearing on Tuesday, the counsel for the CoC informed the bench that no final decision had been taken by the CoC as all the offers are under