Reliance Capital CoC to further extend resolution plan submission date

As of now, only three bidders are actively engaged with the lenders for Reliance Capital RCAP resolution including Piramal, Yes Bank and IndusInd.

The Committee of Creditors of Reliance Capital (RCAP) are likely to further extend the resolution plan submission date to  August 10 after potential bidders sought additional time.

A banking source said Piramal Enterprises has written to the administrator seeking an extension of the deadline in order to complete its bid.

Another bidder, IndusInd Bank has also sought more time for resolution plan submission and has also written to the Reliance Capital administrator to extend the date to mid-July.

As of now, only three bidders are actively engaged with the lenders for RCAP resolution including Piramal, Yes Bank and IndusInd.

Reliance Capital had initially received 54 EOIs from different companies for its multiple assets.

The two profit-making insurance ventures of the company are attracting the potential bidders. Piramal has already informed the insurance regulator regarding selling its stake in Shriram insurance if it wins the race to buy Reliance Capital insurance companies.