NEW DELHI: The resolution process for debt-ridden Reliance Capital (RCap) could see more delays as the lenders are considering to extend the deadline for completing the resolution process till May 30 from the current deadline of April 16.
It is not possible to conclude the resolution process within the current deadline as the second round of auction is yet to take place. The auction was scheduled for April 11 but it likely to be be postponed by another week, said a source. The deadline to complete the resolution process has been extended multiple times in the past.
All the three bidders - IndusInd International Holdings (IIHL) of Hinduja Group; Torrent Investment and Singapore-based Oaktree - who will participate in the second round of auction - are still engaged with the committee of creditors (CoC) on certain issues. Their major concern is compliance of resolution plans as per the Insolvency and Bankruptcy Code (IBC) and Request for Resolution Plan (RFRP) guidelines, as in the first round of auction, bid by the Hinduja Group firm was submitted post auction.