Reliance Capital Second Round Bidding: The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed another bid for Anil Ambani’s bankrupt company Reliance Capital. Lender firms can now receive another bid for the sale of the company. The lenders had filed a petition with the ACLAT. In this, a demand was made for the auction of the company one more time.
The two-judge bench set aside an order passed by the NCLT and said that the Committee of Creditors (CoC) has the right to negotiate and call for higher bids. NCLAT has given two weeks time to invite re-auction.
NCLAT changed the decision of NCLT
This order of NCLAT has come on a petition filed by Vistara ITCL India, one of the lenders of Anil Ambani’s Reliance Capital. The order was challenged in the NCLT in this petition. Explain that the NCLT had refused the demand made for the second bid and asked not to bid again.
This company had placed the biggest bid
During the first round of Reliance Capital’s auction, Torrent Investments made the highest bid of Rs 8,640 crore, while Hinduja Group made a bid of Rs 8,950 crore after the bid. In such a situation, Torrent Investments had turned to NCLT (National Company Law Tribunal). The NCLT had said that the time for financial bids had ended on December 21, 2022 itself and Rs 8,640 crore was the highest bid for Torrent Investments.
Torrent filed the petition on January 9
Torrent Investments filed a petition on January 9, seeking the tribunal to quash the lenders’ plan to conduct a re-auction for the acquisition of RCap. Later IIHL also filed a petition challenging the NCLT order. Reliance Capital has a debt of about Rs 40,000 crore.
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