The deadline for the submission of a resolution plan for Reliance Capital Ltd’ is likely to be extended till the month end, according to a senior official.
Potential bidders for Reliance Capital, including Piramal Capital and Housing, Torrent Investment, and IndusInd Bank, had approached the committee of creditors (CoC) for an extension until September 15 to complete the due diligence.
The CoC will take 5-6 days to vote on the proposed extension before deciding on it, the source said.
The current deadline is August 10, which was preceded by four extensions from the original submission date of May 26.
Potential bidders have reportedly said that the size of the Reliance Capital group and its subsidiaries necessitates more time for the due diligence.
Potential bidders can either bid for Reliance Capital as a whole, with all its arms, or any of the individual businesses of the group. The CoC is keen on the first option, as per reports