The Supreme Court on Monday listed for hearing on March 20, a petition filed by Torrent Investment Ltd against the National Company Law Appellate Tribunal permitting the committee of creditors (COC) of Reliance Capital, which is undergoing insolvency proceedings, a second round of auctions for the sale of company assets. <\/p>\n\n\n\n
On March 2, the Tribunal had given go-ahead to the COC to hold an extended challenge or second round of auction for Reliance Capital Ltd, noting that a large number of verdicts have held that the commercial wisdom of CoC has to be given paramount importance.<\/p>\n\n\n\n
NCLAT had directed the CoC to fix a date after two weeks for holding an extended round of auctions or taking any other steps as part of its negotiation process.<\/p>\n\n\n\n
As per the plea by Torrent, the bidding process for debt-ridden Reliance Capital had concluded on December 21, 2022, in which Torrent emerged as the highest bidder with Rs 8,640 crore. However, a day after the e-auction, Hinduja Group, the promoter of IndusInd Bank, revised its offer from Rs 8,110 crore to Rs 9,000 crore. <\/p>\n\n\n\n
The company then moved the National Company Law Tribunal (NCLT), seeking directions to the administrator not to place Hinduja Group’s \u2018non-compliant\u2019 plan before the CoC. <\/p>\n\n\n\n
The insolvency tribunal, on January 4 this year, allowed Torrent Investment\u2019s plea, making it the highest bidder in the auction process.<\/p>\n\n\n\n
However, the CoC challenged the NCLT order before the NCLAT, contending that it was entitled to call an offer sub-optimal and had every right to negotiate or renegotiate the proposals in order to maximise value.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Supreme Court on Monday listed for hearing on March 20, a petition filed by Torrent Investment Ltd against the National Company Law Appellate Tribunal permitting the committee of creditors (COC) of Reliance Capital, which is undergoing insolvency proceedings, a second round of auctions for the sale of company assets. On March 2, the Tribunal […]<\/p>\n","protected":false},"author":2,"featured_media":286236,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_jetpack_memberships_contains_paid_content":false,"jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[246,64,2176],"tags":[43325,22009,124591,20232,124592],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/d2r2ijn7njrktv.cloudfront.net\/IL\/uploads\/2022\/10\/06182154\/Supreme-Court-SC-collegium-Dr-Abhishek-Atrey-min.jpg","_links":{"self":[{"href":"https:\/\/www.indialegallive.com\/wp-json\/wp\/v2\/posts\/304877"}],"collection":[{"href":"https:\/\/www.indialegallive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.indialegallive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.indialegallive.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.indialegallive.com\/wp-json\/wp\/v2\/comments?post=304877"}],"version-history":[{"count":0,"href":"https:\/\/www.indialegallive.com\/wp-json\/wp\/v2\/posts\/304877\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.indialegallive.com\/wp-json\/wp\/v2\/media\/286236"}],"wp:attachment":[{"href":"https:\/\/www.indialegallive.com\/wp-json\/wp\/v2\/media?parent=304877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.indialegallive.com\/wp-json\/wp\/v2\/categories?post=304877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.indialegallive.com\/wp-json\/wp\/v2\/tags?post=304877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}