Page 2 - Reliance Captial

RCap resolution: NCLAT issues notices to Torrent Investments, others

The National Company Law Appellate Tribunal (NCLAT) on Tuesday issued notices to Torrent Investments and other respondents on a petition filed by the lender of Reliance Capital seeking a second round of financial bids for the debt-ridden firm, currently going through insolvency resolution process. A two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan issued notices, directing respondents to file replies within 3 days. The appellate tribunal has directed to list the petition on February 9, 2023, saying the appeal would be heard and decided by it. Vistra ITCL (India) Ltd, one of the members of the Committee of Creditors of Reliance Capital, has moved NCLAT against an NCLT order. On February 2, the Mumbai bench of National Company Law Tribunal (NCLT) had ruled against holding a fresh round of auction for the takeover of Anil Ambani-promoted Reliance Capital (RCap) and said the challenge mechanism for financial bids has already concluded. It upheld the plea by Torrent .

RCap case: NCLAT issues notices to Torrent Investments on lender's plea

The National Company Law Appellate Tribunal (NCLAT) on Tuesday issued notices to Torrent Investments and other respondents on a petition filed by the lender of Reliance Capital seeking a second round of financial bids for the debt-ridden firm, currently going through insolvency resolution process. A two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan issued notices, directing respondents to file replies within 3 days. The appellate tribunal has directed to list the petition on February 10, 2023, saying the appeal would be heard and decided by it. Vistra ITCL (India) Ltd, one of the members of the Committee of Creditors of Reliance Capital, has moved NCLAT against an NCLT order. On February 2, the Mumbai bench of National Company Law Tribunal (NCLT) had ruled against holding a fresh round of auction for the takeover of Anil Ambani-promoted Reliance Capital (RCap) and said the challenge mechanism for financial bids has already concluded. It upheld the plea by Torrent

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Reliance Capital lenders approach NCLAT over 2nd round of auction

Reliance Capital lenders have approached the National Company Law Appellate Tribunal (NCLAT) to seek a second round of financial bids for the debt-ridden firm, presently going through the insolvency resolution process. Vistra ITCL (India) Ltd, one of the members of the Committee of Creditors of Reliance Capital has filed an appeal before the appellate tribunal. The petition has been listed before the bench headed by Chairman Justice Ashok Bhushan for hearing on Tuesday. Earlier on February 2, the Mumbai bench of the National Company Law Tribunal (NCLT) had ruled against holding a fresh round of auction for the takeover of Anil Ambani-promoted Reliance Capital and said the challenge mechanism for financial bids has already concluded. It upheld the plea by Torrent Investments' plea challenging bankers' decision to go for the second round of auctions in pursuit of higher value for the bankrupt company. NCLT in its order said the bench allows Torrent Investment's application and decla

NCLT allows Torrent Investment's plea against Reliance Cap lenders

The National Company Law Tribunal (NCLT) on Thursday allowed Torrent Investments' plea challenging bankers' decision to hold a fresh round of auctions for the takeover of Anil Ambani-promoted Reliance Capital and said the challenge mechanism for financial bids has already concluded. The order will prevent the lenders of Reliance Capital to hold a second round of auctions in pursuit of higher value for the bankrupt company. The tribunal, led by Justice Shyam Babu Gautam and Justice Pradeep Narhari Deshmukh, in its order said the bench allows Torrent Investment's application and declared that the challenge mechanism for financial bids stood concluded as on December 21, 2022, with the bid of the applicant at Rs 8,640 crore being the highest. "It is hereby declared that issuance of process note for extended challenge mechanism is thus in violation of Regulation 39 (1A) of the CIRP Regulations," the order added. Torrent Investments had filed a plea on January 9, seeking the tribunal to

NCLT's final order on bankrupt Reliance Capital bid by next week

The matter is reserved for judgment and the NCLT Bench mentioned that the order will be issued next week

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Lenders begin voting to hold second auction for Reliance Capital assets

The voting was held after the National Company Law Tribunal did not stay the second auction after a petition made by Torrent

TMS Ep340: RCap, ride-hailing, India Inc's fundraising, Belagavi dispute

Why are Hinduja and Torrent sparring over RCap? Is ride-hailing market ripe for disruption? What are India Inc's fundraising plans for 2023? What's the fight over Belagavi? All answers here

NCLT stays Reliance Cap resolution process on Torrent Group's plea

The insolvency process of debt-ridden Reliance Capital Ltd (RCL) on Tuesday hit a roadblock as the NCLT Mumbai has stayed the resolution process on the plea of Torrent Group. The stay order was issued by the National Company Law Tribunal (NCLT) as the Ahmedabad-based Torrent Group challenged the revised bid from Hinduja Group, sources said. Torrent Group, which emerged as the highest bidder with an Rs 8,640 crore offer, had moved the NCLT-Mumbai against Hinduja Group's late revised bid, which it had submitted after the completion of the e-auction process on December 21. A day after the e-auction, Hinduja Group, the promoter of IndusInd Bank, revised its offer from Rs 8,110 crore to Rs 9,000 crore. This is the first time that an e-auction of this scale is taking place for the resolution of an NBFC (non-banking financial company) under the Insolvency and Bankruptcy Code (IBC). The decision of e-auction was taken at the behest of LIC and EPFO, which together control 35 per cent of th

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

20 years at Reliance helm: Mukesh Ambani redefines scale, business growth

From inheriting legacy textile and oil businesses to stepping into retail, telecom and digital, RIL is a company for New India, say experts

Hinduja sweetens offer for RCap to counter Torrent group's winning bid

CoC decide whether Hinduja offer is legally valid or not as e-auction has ended

Reliance General Insurance seeks Rs 600 crore from bankrupt parent

Profit-making subsidiary's request complicates matters for Reliance Capital's lenders that have to decide matter Friday

Explained: Why private insurance companies in India are coveted buys

By chasing profit over rapid expansion, companies have conserved capital, making them attractive for potential buyers

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

RCap liquidation or negotiation? CoC to meet on Tuesday to take a call

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

Independent valuations 70% more than bankrupt Reliance Capital bids

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

Committee of creditors may ask bidders to sweeten offers for RCap

As many as 55 companies submitted expressions of interest (EoIs) for Reliance Capital but only a few submitted binding bids

Reliance Capital COC rejects all bids, decides liquidation: Sources

The Committee of Creditors of Reliance Capital, in its meeting held on Wednesday, has decided to reject all the binding bids that it received from the bidders on Monday