The Committee of Creditors (CoC) of debt-laden Reliance Capital has further extended the deadline to submit binding bids by nearly a month to October 30.

This follows requests from prospective buyers, who had earlier sought additional time for submission of the binding bids as they were not able to complete the due diligence processes.

However, the bidders are not happy with the four-week extension from the earlier September 29 deadline, which they say is not enough to complete the process. The bidders wanted an extension of about 2-4 months, sources close to the development said.

As per the current schedule, the timeline for filing of final resolution plan with the National Company Law Tribunal’s (NCLT) Mumbai bench is November 1. However, this would also be extended further, a decision on which is likely “soon”, they added.

A consortium led by Piramal Enterprises has sought an extension of 12 weeks, while Advent International wants a 16-week extension till January 30, 2023. IndusInd Bank has sought a 10-week extension, Oaktree Capital 12 weeks and Zurich Insurance wanted an 8-week extension, sources had told FE earlier.

The CoC, who had met this week to consider extending the deadline, was also of the opinion that a further extension should be granted as it would help in getting maximum binding bids for RCap’s assets. Further, this would also help in maximising value to lenders, sources had said.

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RCap is currently undergoing insolvency proceedings, with the creditors of the company seeking Rs 23,666 crore in dues.

In August, debt-laden RCap’s insolvency proceedings received six bids under Option-I, which was for the entire assets of the company. Torrent Group, IndusInd Bank, Oaktree Capital, Cosmea Financial, Authum Investment and B Right Real Estate had submitted bids in the range of Rs 4,000 crore-Rs 4,500 crore.

Nearly five companies were in the fray under option-2, where they could bid for eight different businesses or clusters of RCap that included general insurance, life insurance and securities business among others.

Piramal Finance has placed a bid of Rs 4,000 crore for RCap’s general insurance business, while Zurich Insurance placed a bid of Rs 3,500 crore and Advent International was the highest with a Rs 7,000-crore bid. The bidding process ended on August 29.