Vistara ITCL (India) Limited, one of the members of the Committee of Creditors of Reliance Capital has filed an appeal before the Appellate Tribunal
NCLAT issues notice to bidder Torrent Investments on lender's plea; Next hearing on February 9
Earlier, lenders to Reliance Capital had approached the National Company Law Appellate Tribunal (NCLAT) seeking second round of financial bids for the debt-ridden firm, which is currently undergoing insolvency resolution process.
Vistara ITCL (India) Limited, one of the members of the Committee of Creditors of Reliance Capital has filed an appeal before the Appellate Tribunal.
On February 2, the Mumbai bench of the National Company Law Tribunal (NCLT) had ruled against the fresh round of auctions for the acquisition of Anil Ambani-promoted Reliance Capital, saying the challenge mechanism for financial bids had already expired. .
It upheld Torrent Investments' plea challenging the bankers' decision to go for a second round of auction in pursuit of a higher price for the bankrupt company.
The NCLT, in its order, said the bench allows Torrent Investments' application and declares that the challenge mechanism for financial bids had expired on December 21, 2022, with the applicant's bid being the highest at ₹8,640 crore.
Torrent Investments had filed a petition on January 9, requesting the tribunal to quash the lenders' plan to conduct a fresh auction for the takeover of Reliance Capital.
Torrent Investments was the highest bidder for ₹8,640 crore in the final round of the 'challenge mechanism'.
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