Chennai: With the Committee of Creditors (CoC) for the bankrupt Reliance Capital Ltd set for the second round of Challenge Mechanism on March 20, the Torrent Group, one of the suitors, is likely to mention their plea in the apex court on Monday.
The Torrent group may request the Supreme Court to stay the National Company Law Appellate Tribunal’s (NCLAT) order in favour of Reliance Capital lenders and allow another round of auction for the financial services company.
The lenders had approached NCLAT against an earlier order of the National Company Law Tribunal (NCLT) restraining the CoC from extending the auction round to find higher value for the company.
In the next round of bidding, the minimum/reserve price will be Rs 8,000 crore cash upfront, then round one will be Rs 9,500 crore and then it will be Rs 10,000 crore and Rs 250 crore after each round, it is learnt.
The initial bidding process ended on December 21, 2022 and Torrent Investments was found to be the highest bidder with Rs 8,640 crore.
Soon after that the Hinduja Group’s IIHL made an offer of Rs 9,000 crore.
It is learnt Mukul Rohtagi is to represent Torrent in the apex court and Kapil Sibal will represent the CoC.
–IANS