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NCLT Rejects Second Auction Of Reliance Capital; Creditors Likely To Appeal
Torrent was the highest bidder in the first auction, offering Rs 8,640 crore
Topics
Reliance Capital | NCLT | NCLAT
The National Company Law Tribunal (NCLT) Mumbai on Thursday declared as illegal the second auction planned by the committee of creditors (CoC) of Reliance Capital.
The committee is expected to move the National Company Law Appellate Tribunal (NCLAT) to appeal against the NCLT order. The lenders were planning another auction of Reliance Capital to maximise the value of the assets.
The CoC planned a second auction after the Hinduja group’s offer of Rs 9,000 crore after the first auction was concluded. Torrent was the highest bidder in the first auction, offering Rs 8,640 crore for Reliance Capital.
Reliance Capital was sent to NCLT for debt resolution in November 2021 after it defaulted on its debt worth Rs 24,000 crore.
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First Published: Thu, February 02 2023. 12:17 IST
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