Reliance Capital decision course of completion deadline prolonged to July 16

NCLT Mumbai has prolonged Reliance Capital‘s decision course of deadline by 90 days to July 16. The present deadline ended on April 14.

The deadline extension was necessitated because the lenders have determined to carry a second spherical of public sale on April 26 as a way to maximise the restoration from the sale of Reliance Capital property.

The three bidders, i.e., Torrent, IIHL and Oaktree have confirmed their participation within the public sale.

Earlier, the second spherical of public sale was scheduled for April 11, but it surely was postponed for April 26 because the lenders wanted time to type out the problems raised by the bidders.

The bidders have requested the Reliance Capital lenders to make sure that the decision plans are IBC and RFRP compliant.

Bidders additionally need certainty from the lenders that there is not going to be additional negotiations after the completion of the second spherical of public sale, and the decision course of would attain finality after the end result of the second spherical.

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