NCLT Mumbai has extended Reliance Capital's resolution process deadline by 90 days to July 16. The current deadline ended on April 14.
The deadline extension was necessitated as the lenders have decided to hold a second round of auction on April 26 in order to maximise the recovery from the sale of Reliance Capital assets.
The three bidders, i.e., Torrent, IIHL and Oaktree have confirmed their participation in the auction.
Earlier, the second round of auction was scheduled for April 11, but it was postponed for April 26 as the lenders needed time to sort out the issues raised by the bidders.
The bidders have asked the Reliance Capital lenders to ensure that the resolution plans are IBC and RFRP compliant.
Bidders also want certainty from the lenders that there will not be further negotiations after the completion of the second round of auction, and the resolution process would attain finality after the culmination of the second round.
NCLT extends Reliance Capital debt resolution deadline to January
RCap resolution: NCLAT allows lenders' plea for another round of bidding
Creditors recovered a third of claims in 553 resolved CIRP cases: IBBI data
Govt invites applications for judicial, technical positions at NCLAT
RCap resolution: NCLAT issues notices to Torrent Investments, others
Orders of Blinkit rivals surge as workers strike in Delhi-NCR continues
Apple opens its first official store in Mumbai; what we know so far
Adani Group's debt pile up almost 21%, relies on global banks for funding
Razorpay sets up board for high standards of governance, compliance
NCLT approves AM Mining resolution plan for Indian Steel Corporation
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)