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Reliance Capital Debt: A new twist has come regarding the sale of debt-ridden Anil Ambani’s company Reliance Capital. A decision by the National Company Law Tribunal (NCLT) has added to the difficulties of the lenders committee of the company. The company is now planning to challenge this decision of NCLT in the Supreme Court.
In fact, the Committee of Creditors of Reliance Capital was planning to re-bid for the company afresh. However, the National Company Law Tribunal has rejected this proposal of the committee on 2 February. NCLT has termed conducting fresh bidding as a violation of the rules of Insolvency and Bankruptcy Code.
Which company made the highest bid
Torrent Investments made the highest bid to buy Reliance Capital. Torrent had made a bid of Rs 8,640 crore, while Hinduja Group (Hinduja Group) had submitted a bid of Rs 9,000 crore after the bidding was over. In such a situation, when Reliance Capital decided to go for the second bid, Torrent Investment approached the NCLT.
Why did the company go for the second round of bidding
The first round of auction was to end in December, 2022, in which Torrent Investments was the highest bidder. However, when the Hinduja Group submitted an even higher bid after the auction ended, Reliance Capital’s Lenders Committee planned to bid again for a better value of the company’s total assets. However, NCLT has banned this plan. According to some media reports, now Reliance Capital Company is considering going to the Supreme Court. Let us inform that the company’s lenders committee has a debt of Rs 40,000 on Reliance Capital Debt.
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