Six suitors, including Kotak Special Situations Fund (KSSF) and Asset Reconstruction Company (India) Limited (Arcil), have submitted bids for Reliance Home Finance, part of Anil Ambani-promoted Reliance Group.

Only two bidders submitted compliant and binding bids while four bids are non-binding and not compliant with bid conditions, sources said.

Lenders have decided to further extend the bidding timeline till January 31, 2021, in order to accommodate the four non-compliant bidders, sources added. The two compliant bidders have opposed the move by the lenders and have threatened to walk away from the alleged non-transparent process, they said.

The two compliant and binding bids are from US-based Avenue and Arcil, an asset reconstruction company (ARC), as a joint bid and other from Authum Investment & Infrastructure Limited, a listed non-banking finance company (NBFC).

Kotak Special Situations Fund (KSSF) and Asset Care and Reconstruction Enterprise Limited (ACRE) have submitted non-binding bids with several conditions, including exclusivity, and has also asked for additional time of two months to complete due diligence, even after the deadline which was extended multiple times, sources said.

The other two ARCs namely, Invent and Alchemist, have also submitted conditional bids which are non-compliant with the bids condition and have not paid the mandatory bid bond of Rs 10 crore, they said.