- The appeals court ordered the petition to be listed on February 9, 2023 and said the appeal would be heard and decided by it.
- Vistra ITCL (India) Ltd, one of the members of the
Reliance Capital Creditors’ Committeehas moved NCLATagainst one NCLTorder.
- She maintained the plea
Torrent investmentschallenging bankers’ decision to go for the second round of auctions in pursuit of higher value for the bankrupt company.
The appeals court has ordered the petition to be listed on February 9, 2023 and says the appeal will be heard and decided by it.
Vistra ITCL (India) Ltd, one of the members of the Committee of Creditors
On February 2, the
It upheld Torrent Investments’ plea to challenge bankers’ decision to go for the second round of auctions in search of higher value for the bankrupt company.
NCLT said in its order that the bank is allowing Torrent Investments’ application and stated that the financial bid challenge mechanism was closed on 21 December 2022 with the applicant’s bid being the highest at Rs 8,640 crore.
Torrent Investments had entered a plea on January 9 asking the tribunal to quash the lenders’ plan to hold another auction for the acquisition of RCap.
Torrent Investment was the highest bidder offering Rs 8,640 crore in the latest round of the ‘challenge mechanism’.
Reliance Capital has a consolidated debt of about Rs 40,000 crore.
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