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The National Company Law Tribunal has extended the deadline for completing Reliance Capital’s insolvency proceedings for the third time to January 31.
The administrator of Reliance Capital, Nageswara Rao Y had approached the NCLT seeking an extension to the November 1 deadline, following the extension in the last date for submission of final bids.
The deadline for submission of binding bids has been extended to October 31, as prospective bidders sought more time to complete the due diligence process.
During the submission of initial or non-binding bids — which ended on August 29 — the CoC (committee of creditors) received 14 bids for Reliance Capital.
These included six bids at the Group level from Torrent Capital, IndusInd Group, Oaktree Capital, Cosmea Financial, Authum Investment, and B Right Group, and three bids for Reliance General Insurance from Piramal Finance, Zurich Re and Advent International. Piramal Finance and Zurich Re might also consider submitting a joint bid for the general insurance, it was later reported.
Reliance Capital received prospective bids from Jindal Steel and Power and UV Asset Reconstruction Company for its asset reconstruction business and Choice Equity, Global Fincap and Geand Bhawan for Reliance Securities and other assets.
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