{"id":84395,"date":"2023-01-19T10:50:00","date_gmt":"2023-01-19T05:20:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=84395"},"modified":"2023-01-19T10:44:43","modified_gmt":"2023-01-19T05:14:43","slug":"biz-nclt-rcap","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-nclt-rcap\/","title":{"rendered":"NCLT delays fresh auction for Reliance Capital"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3411406295\"><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>&nbsp;The National Company Law Tribunal (NCLT) on Wednesday asked the lenders to delay the second auction for Reliance Capital, which was scheduled for Thursday, till January 23 as it could not complete hearing arguments from both sides.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-4041086169\"><!-- 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 Investment, the winning bidder of the first round of auction of Anil Ambani-promoted Reliance Capital, had moved the NCLT Mumbai bench on January 12, seeking a stay on the lenders&#8217; proposal for &#8216;challenge mechanism&#8217; that was scheduled for January 19.<\/p><p>The tribunal, led by Justice Shyam Babu Gautam and Justice Pradeep Narhari Deshmukh, extended the date of the &#8216;challenge mechanism&#8217; to January 23, till the hearing of all parties are completed.<\/p><p>The hearing on the matter will continue on Thursday.<\/p><div class=\"trade-content_5\" id=\"trade-2164544355\"><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>Ravi Kadam, representing the administrator, said the Committee of Creditors (CoC) has the right to call for new resolution plans.<\/p><p>&#8220;All the earlier bids are still valid, but the CoC wants to see if there are any better offers,&#8221; he stated.<\/p><p>Kapil Sibal, representing the CoC, told the tribunal that even after the extension of &#8216;challenge mechanism&#8217; or fresh auction, there still might not be any plan to put before the NCLT.<\/p><p>&#8220;The CoC is not obligated to approve a plan on the basis of high NPV. Maximization is part of the process and it is CoC&#8217;s right to discuss it with resolution applicants,&#8221; Sibal pointed out.<\/p><p>Reliance Capital has a consolidated debt of about Rs 40,000 crore.<\/p><p>The Reserve Bank of India (RBI) had applied to initiate Corporate Insolvency Resolution Process (CIRP) against the Reliance Group company at NCLT Mumbai bench.<\/p><div class=\"trade-content-10\" id=\"trade-1701069153\"><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>Subsidiaries of Reliance Capital that are pushed for insolvency resolution are 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 as the administrator of Reliance Capital&#8217;s insolvency process. PTI SM HVA<\/p><div class=\"trade-after-content\" id=\"trade-3925423428\"><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>&nbsp;The National Company Law Tribunal (NCLT) on Wednesday asked the lenders to delay the second auction for Reliance Capital, which was scheduled for Thursday, till January 23 as it could not complete hearing arguments from both sides. Torrent Investment, the winning bidder of the first round of auction of Anil Ambani-promoted Reliance Capital, had moved [&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-84395","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 delays fresh auction for Reliance Capital - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"\u00a0The National Company Law Tribunal (NCLT) on Wednesday asked the lenders to delay the second auction for Reliance Capital, which was scheduled for Thursday, till January 23 as it could not complete hearing arguments from both sides.\" \/>\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-rcap\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCLT delays fresh auction for Reliance Capital\" \/>\n<meta property=\"og:description\" content=\"\u00a0The National Company Law Tribunal (NCLT) on Wednesday asked the lenders to delay the second auction for Reliance Capital, which was scheduled for Thursday, till January 23 as it could not complete hearing arguments from both sides.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tradebrains.in\/features\/biz-nclt-rcap\/\" \/>\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=\"2023-01-19T05:20:00+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-rcap\/\",\"url\":\"https:\/\/tradebrains.in\/features\/biz-nclt-rcap\/\",\"name\":\"NCLT delays fresh auction for Reliance Capital - 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