MUMBAI: The National Company Law Appellate Tribunal (NCLAT) on Tuesday issued notices to Torrent Investments and other respondents on a petition filed by the lender of Reliance Capital seeking a second round of financial bids for the debt-ridden firm, currently going through the insolvency resolution process.
A two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan issued notices, directing respondents to file replies within three days. Vistra ITCL (India), one of the members of the Committee of Creditors of Reliance Capital, has moved the appellate tribunal against an NCLT order. NCLT in its order said the bench allows Investments’ application and declared that the challenge mechanism for financial bids stood concluded as on December 21, 2022, with the bid of the applicant at R8,640 crore being the highest. It upheld the plea by Torrent Investments challenging bankers’ decision to go for the second round of auctions in pursuit of higher value for the bankrupt company.
NCLAT has directed to list the petition on February 10, 2023, saying the appeal would be heard and decided by it. “It is made clear that appeal may be heard and decided finally,” said the NCLAT bench. During the proceedings, senior advocate Mukul Rohatgi representing Torrent Investments sought time to file reply over the petition filed by the lenders. He submitted that the appeal should be heard and decided finally. “Respondents may file their reply by Feb 9, 2023. Rejoinder, if any, be filed by the date fixed,” said NCLAT directing to “list this appeal on February 10, 2023”.