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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
CoC decide whether Hinduja offer is legally valid or not as e-auction has ended
The Hinduja group also participated in today's auction but lost the race with a Rs 500 crore lower offer
With the exit of Cosmea-Piramal, there are now only three players left in the race -- Hinduja, Torrent, and Oaktree
Auction to be held on two days, starting December 22
This is the first time that an e-auction of this scale would take place for a debt resolution under the Insolvency and Bankruptcy Code, 2016
"Lenders will decide on the further course of action, including the stance for negotiations on Friday," the source said
While Deloitte, the process advisor to RCap's administrator, is said to be rooting for liquidation, CoC advisor KPMG hopes to close deal and award the firm to highest bidder
In November last year, the Reserve Bank of India had sent the company to debt resolution after it defaulted on its loans worth Rs 24,000 crore
No takers for life and general insurance businesses of the bankrupt company, say sources
Final bids for Reliance Capital expected on Monday
Piramal, Zurich Insurance may bid separately for Reliance General Insurance
PE firm previously submitted the highest non-binding bid for the business
CoC decides that all bidders, while submitting their resolution plans, will agree in writing to participate in the Challenge Mechanism in whatever form it is implemented by the lenders later
Nageswara Rao Y is the administrator of Reliance Capital
Will help bidders for its insurance business to avoid Irdai's 5-year lock-in
This is the third deadline extension as the lenders seek better offers from the bidders