The Supreme Court on Monday agreed to hear Torrent's plea on March 20 against the National Company Law Appellate Tribunal (NCLAT) nod allowing a second round of auctions. The apex court's decision comes after the Torrent cited urgency in the issue.
Torrent has claimed irreversible harm if lenders are allowed to conduct the second round of auctions. SC has also assured Torrent that lawyers for the Committee of Creditors (COC) are "here before us".
COC had scheduled to conduct the second round of auctions on August 20 last year in which Torrent had emerged as the highest bidder with an upfront payment of Rs 8,640 crore but, Hinduja Group submitted a higher bid of Rs. 8,950 crores, after the deadline.
The COC decided to conduct a second round of auction, post Hinduja bid. Torrent moved NCLT challenging this decision.
Owned by Anil Ambani, Reliance Capital is a financial services company that is part of the Reliance Anil Dhirubhai Ambani Group (ADAG) that in February 2020 decided to file for insolvency, citing challenges in raising funds and delays in asset sales. The NCLT admitted the company's insolvency plea in August 2020 and appointed a resolution professional to manage the process.
First Published: Mar 13, 2023 3:04 PM IST
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