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The Committee of Creditors of Reliance Capital is likely to seek an extension of 90 days to close the resolution process.
Under the current timeframe, the resolution process for debt-ridden Reliance Capital has to be completed by June 3. An extension of 90 days would mean that the CoC has time till September 3 to close the resolution process.
The issue is understood to have been discussed by the CoC on Wednesday, when it met to examine the Expressions of Interest.
“A majority of lenders have favoured extending the deadline for closing the resolution process. Discussed seeking an extension of 90 days as most of the lenders were in favour of extending the deadline for the closure of resolution process,” a person familiar with the development said, adding that the final decision on extending the deadline will be taken in the next meeting of the CoC.
“We wish to inform you that the seventh meeting of the Committee of Creditors of the Company was duly convened and conducted on Wednesday, April 6, ” Reliance Capital said in a stock exchange filing on Wednesday.
At the meeting, the Administrator of the company appraised the CoC about the status of corporate insolvency resolution process, request for resolution plan document, going concern operations of the company and the way forward in terms of the activities and milestones as stipulated under the IBC Code, it further said.
As many as 55 EoIs have been received for Reliance Capital. The last date for submission of bids was March 25.
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