Reliance Capital Ltd’s (RCL) debt resolution process completion deadline may be extended by another 90 days February 1, 2023 with multiple bidders asking for more time to submit their offer.

The current deadline ends on November 1, 2022. “The Administrator is all set to approach NCLT Mumbai to seek 90 days extension,” said a source. This will be the third extension, as the timeline has been extended twice in the past.

As per the Insolvency and Bankruptcy Code (IBC) rules, the administrator had to originally close the resolution of RCL within 180 days, by June 3. Earlier, the lenders of Reliance Capital had given an extension of 30 days to the bidders for submission of binding bids, along with an EMD of ₹75 crores, by October 31. The bidders had sought an extension by 2 to 4 months.

Bids received

Reliance Capital had received 14 non-binding bids for it's multiple businesses. Six companies had submitted bids for the entire company, while rest of the bidders had submitted bids for its multiple subsidiaries.

Torrent, IndusInd, Oaktree, Cosmea Financial, Authum Investment, and B Right Real Estate have submitted bids in the range of ₹4000 crore to ₹4500 crore for Reliance Capital's entire assets.

For Reliance General Insurance business, Piramal Finance has bid ₹3,600 crore, while Zurich Insurance's bid is ₹3,700 crore. The third bidder, Advent has bid ₹7,000 crore for Reliance General Insurance. According to sources, Piramal and Zurich are now considering a joint bid for Reliance's general insurance business.

Jindal Steel and Power and UVARC have submitted bids for Reliance Capital's ARC business. For other assorted assets of Reliance Capital, 3 bidders — Choice Equity, Global Fincap and Grand Bhawan have submitted the bids.

At the beginning of the resolution process of Reliance Capital, over 54 companies had submitted Expression of Interest (EOI) for its various assets, out of which only 14 are now in fray.

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