MUMBAI: The Supreme Court on Monday agreed to hear Torrent’s appeal on March 20 against the National Company Law Appellate Tribunal (NCLAT) order allowing a second round of auctions of Reliance Capital assets. The insolvency case of Anil Ambani-owned Reliance Capital will see more delays as the Torrent has approached the top court.
Earlier this month, NCLAT had allowed the Committee of Creditors (CoC) to hold an extended round of auctions for debt-ridden Reliance Capital. Encouraged by the decision, the Committee of Creditors (CoC) of RCap decided to hold a second round of auction for the sale of company assets on March 20 in which lenders have asked bidders to offer a minimum of Rs 8,000 in cash upfront.
Torrent Group moved the Supreme Court, seeking a stay of the NCLAT decision. In the second round of the auction, the lenders kept the minimum threshold or the bid starting value at Rs 9,500 crore, with the subsequent round rising to Rs 10,000 crore and by Rs 250 crore in any round that follows.
In the first round of the challenge mechanism, Torrent had emerged as the highest bidder with a bid amount of Rs 8,640 crore, while Hinduja Group firm IndusInd International Holdings Ltd (IIHL) was the second highest with Rs 8,110 crore bid.