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The petition has appealed to allow the second round of financial offers for the company under the debt-plagued insolvency resolution process. A two-member bank headed by NCLAT Chairman Ashok Bhushan issued a notice, directing respondents to submit their response within three days.
New Delhi. The National Companies Act Court of Appeal (NCLAT) on Tuesday issued a notice to Torrent Investments and other defendants of a guilty plea by one of Reliance Capital’s lenders. The petition has appealed to allow the second round of financial offers for the company under the debt-plagued insolvency resolution process. A two-member bank headed by NCLAT Chairman Ashok Bhushan issued a notice, directing respondents to submit their response within three days.
The Court of Appeals ordered the petition to be listed by February 9, 2023. The court said it will hear the matter and render its verdict. Vistra ITCL (India) Limited, one of Reliance Capital’s Committee of Creditors (CoC) members, has appealed to NCLAT against an order of the National Company Law Tribunal (NCLT).
On February 2, NCLT’s Mumbai bank had refused to allow a new round of auctions for the Anil Ambani-sponsored takeover of Reliance Capital (RCAP), saying the “challenge mechanism” for financial bids had already expired. . The bank had admitted Torrent Investments’ appeal against the bankers’ decision to hold the second round of the auction. In the latest round of the ‘challenge mechanism’, Torrent Investments had made the highest bid of Rs 8,640 crore. Reliance Capital has a total debt of Rs 40,000 crore.
Disclaimer:Prabhasakshi has not edited this news. This news has been published from PTI-language feed.
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