NCLT allows Torrent Investment's plea against Reliance Cap lenders
The National Company Law Tribunal (NCLT) on Thursday allowed Torrent Investments' plea challenging bankers' decision to hold a fresh round of auctions for the takeover of Anil Ambani-promoted Reliance Capital and said the challenge mechanism for financial bids has already concluded.
The order will prevent the lenders of Reliance Capital to hold a second round of auctions in pursuit of higher value for the bankrupt company.
The tribunal, led by Justice Shyam Babu Gautam and Justice Pradeep Narhari Deshmukh, in its order said the bench allows Torrent Investment's application and declared that the challenge mechanism for financial bids stood concluded as on December 21, 2022, with the bid of the applicant at Rs 8,640 crore being the highest.
"It is hereby declared that issuance of process note for extended challenge mechanism is thus in violation of Regulation 39 (1A) of the CIRP Regulations," the order added.
Torrent Investments had filed a plea on January 9, seeking the tribunal to