The National Company Law Tribunal (NCLT) on Thursday asked insolvency-bound Reliance Capital’s lenders and administrator to file a response by January 16 on Torrent Investments’ plea to halt their plans to hold a fresh auction for better realisation.
Torrent Investments — one of the bidders for the Anil Ambani-promoted Reliance Capital — has offered Rs 8,640 crore to acquire the firm through the insolvency process.
Earlier this week, Torrent Investments approached the tribunal seeking a stay on the Committee of Creditors’ voting to hold a second round of ‘Challenge Mechanism’ or e-auction for the bidders.
Torrent Investments, represented by Mukul Rohatgi, told the Mumbai bench of NCLT that their bid of Rs 8,640 crore was above the threshold and the matter ended there.
