{"id":83124,"date":"2023-01-12T18:23:00","date_gmt":"2023-01-12T12:53:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=83124"},"modified":"2023-01-12T18:20:22","modified_gmt":"2023-01-12T12:50:22","slug":"biz-nclt-rel-cap-torrent","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-nclt-rel-cap-torrent\/","title":{"rendered":"NCLT directs Rel Cap lenders, administrator to reply on Torrent Investments plea by Jan 16"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-132906204\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>The National Company Law Tribunal (NCLT) on Thursday asked insolvency-bound Reliance Capital&#8217;s lenders and administrator to file a response by January 16 on Torrent Investments&#8217; plea to halt their plans to hold a fresh auction for better realisation.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1776512029\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>Torrent Investments &#8212; one of the bidders for the Anil Ambani-promoted Reliance Capital &#8212; has offered Rs 8,640 crore to acquire the firm through the insolvency process.<\/p><p>Earlier this week, Torrent Investments approached the tribunal seeking a stay on the Committee of Creditors&#8217; voting to hold a second round of &#8216;Challenge Mechanism&#8217; or e-auction for the bidders.<\/p><p>Torrent Investments, represented by Mukul Rohatgi, told the Mumbai bench of NCLT that their bid of Rs 8,640 crore was above the threshold and the matter ended there.<\/p><div class=\"trade-content_5\" id=\"trade-377162197\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>However, on January 7, the Committee of Creditors (CoC) informed that they want to start a fresh round of auction, he stated.<\/p><p>&#8220;The extension of &#8216;Challenge Mechanism&#8217; is not permissible,&#8221; Rohatgi added.<\/p><p>Darius Khambata, also representing Torrent Investments, stated that this whole process is unfair and the Rs 8,640 crore bid was in compliance with the &#8216;Challenge Mechanism&#8217;.<\/p><p>After hearing Torrent Investments&#8217; plea, the tribunal comprising Pradeep Narhari Deshmukh and Shyam Babu Gautam asked the CoC and the administrator to file a reply by Monday (January 16).<\/p><p>Under the first &#8216;Challenge Mechanism&#8217;, the threshold bids amounted to Rs 6,500 crore, while the highest net present value (NPV) offered by applicants was Rs 7,210 crore.<\/p><p>By the time of the second round, the threshold was Rs 7,500 crore, and the highest NPV was Rs 7,620 crore.<\/p><div class=\"trade-content-10\" id=\"trade-739613473\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>In the third round, the threshold was Rs 8,500 crore, while the highest NPV was Rs 8,550 crore.<\/p><p>But by the end of the fourth round, the threshold, which was Rs 9,000 crore received the highest NPV of Rs 8,640 crore.<\/p><p>Kapil Sibal, on behalf of the CoC, said the Torrent Investments bid in the third round was &#8216;suboptimal&#8217; and &#8216;factually incorrect&#8217; as it was less than the threshold.<\/p><p>&#8220;We are continuing with the &#8216;Challenge Mechanism&#8217; for maximising value. Torrent&#8217;s proposition that the bid was closed after the third round was wrong as the CoC had said it is in the process of evaluating,&#8221; he added.<\/p><p>Reliance Capital has a consolidated debt of about Rs 40,000 crore.<\/p><p>The Reserve Bank (RBI) had applied to initiate Corporate Insolvency Resolution Process (CIRP) against the Reliance Group company at the NCLT Mumbai.<\/p><p>Subsidiaries of Reliance Capital that are pushed for insolvency resolution are &#8211; Reliance General Insurance, Reliance Nippon Life Insurance, Reliance Securities, Reliance Asset Reconstruction Company, Reliance Home Finance and Reliance Commercial Finance.<\/p><p>RBI-appointed Nageswara Rao Y is the administrator of Reliance Capital. PTI SM BAL BAL<\/p><div class=\"trade-after-content\" id=\"trade-532166713\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>The National Company Law Tribunal (NCLT) on Thursday asked insolvency-bound Reliance Capital&#8217;s lenders and administrator to file a response by January 16 on Torrent Investments&#8217; plea to halt their plans to hold a fresh auction for better realisation. Torrent Investments &#8212; one of the bidders for the Anil Ambani-promoted Reliance Capital &#8212; has offered Rs [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":21236,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-83124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NCLT directs Rel Cap lenders, administrator to reply on Torrent Investments plea by Jan 16 - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"The National Company Law Tribunal (NCLT) on Thursday asked insolvency-bound Reliance Capital&#039;s lenders and administrator to file a response by January 16 on Torrent Investments&#039; plea to halt their plans to hold a fresh auction for better realisation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-nclt-rel-cap-torrent\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCLT directs Rel Cap lenders, administrator to reply on Torrent Investments plea by Jan 16\" \/>\n<meta property=\"og:description\" content=\"The National Company Law Tribunal (NCLT) on Thursday asked insolvency-bound Reliance Capital&#039;s lenders and administrator to file a response by January 16 on Torrent Investments&#039; plea to halt their plans to hold a fresh auction for better realisation.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tradebrains.in\/features\/biz-nclt-rel-cap-torrent\/\" \/>\n<meta property=\"og:site_name\" content=\"Trade Brains Features\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/TradeBrainsOfficial\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-12T12:53:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/02\/Reliance-Captial-Cover-Image.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"854\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"PTI News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/02\/Reliance-Captial-Cover-Image.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:site\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"PTI News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tradebrains.in\/features\/biz-nclt-rel-cap-torrent\/\",\"url\":\"https:\/\/tradebrains.in\/features\/biz-nclt-rel-cap-torrent\/\",\"name\":\"NCLT directs Rel Cap lenders, administrator to reply on Torrent Investments plea by Jan 16 - 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