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New Delhi : A new date for the second round of auction of debt-ridden Anil Ambani’s company Reliance Capital Limited (RCL) has been released. According to media reports, bids will now be placed on April 26 for the second round of Reliance Capital’s auction. Although, the date of April 11, 2023 was fixed for this, but the Committee of Creditors (CoC) decided to postpone it for a few days. Now the CoC has fixed the date of April 26 for the second round of Reliance Capital’s auction.
Hinduja Group’s IIHL to be auctioned
Quoting sources, it has been told in a report of the news agency language that the lenders of Reliance Capital have fixed a new date for the second phase of the auction. Earlier this auction was going to be held on April 11 itself, but a day earlier the information about its postponement came to the fore. According to sources, apart from Hinduja group company IIHL and Torrent Investments, Singapore-based Oaktree is likely to bid in the new auction. These companies have confirmed their participation.
Online auction was held in December 2022
Earlier, an online auction was held in December 2022 for the sale of Reliance Capital under the debt resolution process, in which Torrent Investments was the highest bidder. On the other hand, IIHL, which came in second place, made a revised bid after the auction, which has been challenged in the Supreme Court.
RBI appointed administrator
On the other hand, on November 29, 2021, the Reserve Bank of India (RBI) dissolved the board of directors of Reliance Capital and appointed Nageswara Rao Y as the administrator. Meanwhile, the company’s administrator has requested the National Company Law Tribunal (NCLT) to extend the deadline for completing the debt resolution process till May 30. Earlier also this deadline has been extended several times.
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