Lenders to bankrupt Reliance Capital today informed the National Company Law Tribunal that the highest bid made by Ahmedabad based Torrent group to acquire Reliance Capital is non-compliant.
The lenders, who are planning a second round of auction for Reliance Capital on January 19, are seeking a higher valuation for the bankrupt company after Ahmedabad-based Torrent emerged as the highest bidder with an offer of Rs 8,640 crore as upfront cash. Post-auction, the Hindujas later offered Rs 9,000 crore — leading to litigation by Torrent at the NCLT.
Senior advocate Kapil Sibal, appearing for the CoC (committee of creditors), said the challenge mechanism does not confer any rights on any resolution applicant,
