Page 2 - Reliance Capital

NCLT asks RCap lenders, administrator to reply on Torrent's plea by Monday

Reliance Capital has a consolidated debt of about Rs 40,000 crore

Lenders approve second round of auction for bankrupt Reliance Capital

In the first round, Torrent group emerged as the highest bidder by offering Rs 8,640 crore

NCLT rejects Torrent's plea to halt RCap's CoC voting for second auction

The National Company Law Tribunal (NCLT) on Monday rejected a plea by Torrent Investments -- one of the bidders for the Anil Ambani-promoted Reliance Capital -- that sought to halt the Committee of Creditors' voting to hold a second round of auction. The NCLT, comprising justice PN Deshmukh and Shyam Babu Gautam, declined to grant a stay on Torrent Investments' plea, seeking to stop the Reliance Capital CoC's voting on the second round of auction. The tribunal has kept the matter for hearing on January 12. IndusInd International Holdings (Hinduja), represented by Harish Salve and Abhishek Manu Singhvi, also pleaded to be a party in the matter. Ravi Kadam represented the administrator, while Vikram Nankani appeared for the Torrent Group. Torrent Investments and Hinduja Group company IndusInd International Holdings are in the fray for Reliance Capital. The Hinduja Group entity submitted its bid 24 hours after the auction deadline, which was higher than the top offer made within the

Lenders may hold another round of auction for cash-strapped RCap

Lenders meet on Monday to vote on the proposal

Torrent group now offers Rs 8,640 crore upfront for Reliance Capital

Banking sources said the Challenge Mechanism auction process in the Reliance Capital resolution provided for bidding of only the NPV (net present value) amount and not the payment terms

The spirit of the law

Post-auction bids will delay insolvency resolution

Lenders to meet on Tuesday to discuss bids for Reliance Capital acquisition

The Committee of Creditors (CoC) of debt-ridden Reliance Capital Ltd is scheduled to meet on Tuesday to discuss bids submitted by Torrent Group and Hinduja Group as part of the insolvency resolution process. Ahmedabad-based Torrent Group submitted a bid of Rs 8,640 crore for acquiring the NBFC firm set up by the Anil Ambani Group, sources said. If successful, it will mark the entry of Torrent Group into financial services space. In an e-auction conducted under the Challenge Mechanism, Torrent had presented a resolution plan for Reliance Capital Ltd (RCL) with a net present value of Rs 8,640 crore, while Hinduja's offer was Rs 8,110 crore. The CoC fixed a floor value of Rs 6,500 crore for the auction held on December 21. After the e-auction was over, sources said, Hinduja presented a revised resolution plan with a bid of Rs 9,000 crore and it offered 100 per cent cash upfront. On the other hand, sources said, Torrent Group offered only Rs 3,750 crore as upfront cash, which is 54 p

Torrent escalates Reliance Capital bid war against Hinduja to RBI

The Committee of Creditors will meet on January 3 to take a view on the new twist in the case

Torrent wins race to acquire RCap with Rs 8,640 crore offer to lenders

The Hinduja group also participated in today's auction but lost the race with a Rs 500 crore lower offer

Cosmea-Piramal consortium pulls out of Reliance Capital's bidding

With the exit of Cosmea-Piramal, there are now only three players left in the race -- Hinduja, Torrent, and Oaktree

CoC raises base price of Reliance Capital auction to Rs 6,500 crore

Auction to be held on two days, starting December 22

RCap assets' e-auction to kick off on Dec 19; base bid at Rs 5,300 crore

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

Eye on maximum value, lenders say no to Reliance Capital liquidation

"Lenders will decide on the further course of action, including the stance for negotiations on Friday," the source said

Arena-Varde Partners, NARCL and Authum submit final bids for Srei companies

Srei Infrastructure Finance and Srei Equipment Finance were admitted for bankruptcy following applications filed by the Reserve Bank of India in October 2021

Top Headlines: One licence for insurance biz, amendment in IBC, and more

Here is our morning brief of today's top headlines

Hinduja group, Torrent, Piramal, Oaktree, bid for Reliance Capital

No takers for life and general insurance businesses of the bankrupt company, say sources

Piramal, Zurich Insurance may bid separately for Reliance General Insurance

Piramal, Zurich Insurance may bid separately for Reliance General Insurance

LIC's move to sell Reliance Capital's debt to ARC upsets lenders, bidders

Days ahead of the deadline to submit binding bids, LIC's move to sell its Rs 3,400 crore secured principal debt of cash-strapped Reliance Capital Ltd (RCL) to an asset reconstruction company (ARC) has irked its lenders and bidders. The last date for submitting binding bids for Reliance Capital Ltd (RCL) and its subsidiaries is November 28. LIC is conducting a Swiss Challenge process to invite bids from Asset Reconstruction Companies (ARCs) to sell its exposure in RCL, sources said, adding prospective bidders will be asked to better the offer. However, the sources said, Asset Care and Reconstruction Enterprise will have the first right to match the counteroffer. The last date to submit the bids is November 25, while the deadline for submission of binding bids for RCL is November 28. According to the sources, the Committee of Creditors (CoC) of RCL are upset as to why LIC has initiated a parallel process to sell its debt so close to the bids submission deadline. LIC is a member of

LIC's sale of RCAP debt of Rs 3,400 cr to ACRE upsets lenders, bidders

LIC is conducting a Swiss Challenge process to invite bids (EOIs) from Asset Reconstruction Companies (ARCs) to sell its exposure in the Reliance Capital

Auditor flags Rs 13,110 cr of fraud deals in Srei Equipment Finance

Sum includes transactions amounting to Rs 1,283 cr determined as undervalued; Srei Equipment Finance is currently undergoing corporate insolvency resolution process