The National Company Law Tribunal (NCLT) has extended the deadline to complete the resolution of Reliance Capital (RCL) to January 31 from November 1.
This is the third time the tribunal has extended the deadline. According to insolvency norms, the administrator had to close the resolution of RCL within 180 days, by June 3.
A PTI report said the bidders were not happy with the extension as most of them had sought an additional time of up to four months.
Reliance Capital had received 14 non-binding bids for its multiple businesses. While half a dozen firms had submitted bids for the entire company, the rest were keen on taking over its multiple subsidiaries.
IndusInd Bank, Oaktree, Cosmea Financial, Authum Investment and B Right Real Estate have reportedly submitted bids for Reliance Capital’s entire assets. The development comes amid lenders allowing Aditya Birla Capital to place a bid for Reliance Nippon Life Insurance.
New Srei bidder
There is a new entrant — Capri Global Holdings — in the race to acquire Srei NBFC firms Srei Infrastructure Finance and Srei Equipment Finance.
Srei said the expression of interest was received from Capri Global Holdings on October 14. The committee of creditors has approved the entry of Srei at its meeting on Monday.
