Six entities have submitted bids for Reliance Home Finance but lenders have decided to extend the deadline further until January 31, 2021 to accommodate all bidders.

The issue was taken up by the lenders at their meeting on December 17. The decision to extend the deadline and invite revised bids from all the bidders was taken so that non-compliant bidders may be also accommodated. “Of the six bids received, only two are binding and compliant and the remaining four are non compliant,” said a person familiar with the issue.

The two compliant bids have been submitted by US based fund Avenue jointly with asset reconstruction company ARCIL, and by non banking finance company Authum Investment and Infrastructure Limited.

“These two bidders have opposed the arbitrary change of rules of the game by the lenders and are threatening to walk away from what they are calling a non transparent process,” said the source.

Non binding bids are understood to have been submitted by Kotak Special Situations Fund (KSSF) and Asset Care and Reconstruction Enterprise Limited (ACRE). Two other ARCs - Invent and Alchemist have also submitted conditional bids.

Some of these bidders have sought additional details for due diligence, sources said, adding that some have not placed the mandatory bid bond of ₹10 crore.

Led by Bank of Baroda, lenders to Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd had in August this year proceeded with the resolution plan and had sought bids for the two companies.

The deadline for submission of bids for RHFL was initially set at August 31.

Bidders can submit EOIs and bids for the acquisition of the entire shareholding and business of RHFL or alternatively bid for the full retail book.

The resolution process is being managed by BoBCapital Markets (BoB Caps) and Ernst & Young (EY).