NCLT Directs Continuation Of Interim Orders In RCap Matter
Premium- In an interim order passed on 3 January, the NCLT, granted relief to Torrent Investments, by directing the administrator of bankrupt Reliance Capital Ltd not to present the revised offer Hinduja group made past the auction deadline to the lenders until the next hearing date.
The National Company Law Tribunal on Monday directed continuation of interim order in a matter pertaining to the second auction process of insolvent Reliance Capital, which is undergoing corporate insolvency resolution process.
In an interim order passed on 3 January, the NCLT, granted relief to Torrent Investments, by directing the administrator of bankrupt Reliance Capital Ltd not to present the revised offer Hinduja group made past the auction deadline to the lenders until the next hearing date.
A bench led by Justice Pradeep Narhari Deshmukh and Justice Shyam Babu Gautam said that “We do not find any reason to not to further continue the interim directions all the more when the applications can be listed in the shortest possible time for pronouncement of order in the week beginning from 30 January".
Torrent Investments, which emerged as the top bidder in the auction process with an offer of ₹8,640 crore for Reliance Capital (RCap), approached the bankruptcy court to restrain lenders from considering Hinduja’s upgraded offer of ₹9,000 crore, arguing that accepting late offers violated the norms for the insolvency resolution process.
The administrator and the lenders have been opposing the appeal stating that both Torrent and Hinduja had submitted bids that were sub-optimal.
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