Piramal Enterprises, YES Bank, Zurich Insurance and Blackstone are among the companies ahead in the race to acquire assets of Reliance Capital (RCap) under the insolvency process, according to sources. However, the debt resolution process may get delayed further as some of the bidders have asked for more time.

“The lenders, in their meeting today, decided to extend the resolution process timeline by another two months, to November 2, 2022,” said a source.

Prolonged process

The timeline has already been earlier extended once before by 90 days, from June 3 to September 2, 2022. As per the IBC rules, the resolution of RCap should have been completed within 180 days on by June 3.

“The COC, in its meeting today, also decided to extend the last date for submitting resolution plan by the prospective bidders from June 20 to July 11,” said a source. This comes after some prospective bidders had written to the administrator seeking more time to submit the resolution plan.

Piramal Enterprise had asked the deadline to be extended to August 10, while IndusInd Bank had requested to extend the timeline to July 15, the source said.

Prospective buyers

As many as 54 companies have bid for Reliance Capital as part of its ongoing resolution process, but only a handful remain interested. Of this, Piramal Enterprises and YES Bank are understood to be actively engaged with the administrator for acquiring the entire company.

Zurich Insurance and Blackstone seem to be interested in acquiring the general insurance assets while for the life Insurance cluster, Cholamandalam Group has shown interest, said sources.

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