Torrent Group will seek an urgent hearing in the Supreme Court against a National Company Law Appellate Tribunal (NCLAT) order that permitted holding a second e-auction for Reliance Capital (RCap) on Monday.
The group will also seek a stay on NCLAT’s order ahead of the March 20 date set for the former Anil Ambani group firm’s extended challenge mechanism. The case is slated come up for hearing before the apex court on Monday, sources close to the development said.
Torrent Group moved the Supreme Court against the NCLAT order last week. In its filing, the Gujarat-based firm termed the administrator’s decision to hold another round of challenge process “illegal”, and sought a faster and time-bound conclusion of the bankruptcy process.
Torrent had also sought that the Rs 9,000-crore offer by IndusInd International, the firm through which Hinduja Group had placed bids, be declared invalid, as it was made after the first e-auction was completed. The group also wants its Rs 8,640-crore bid to be termed the final one.
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On March 2, NCLAT had permitted holding the second e-auction for RCap, permitting a plea by lenders to maximise value of the debt-laden firm. The appellate tribunal had also told the committee of creditors (CoC) to take steps for further negotiations with resolution applicants as per relevant clauses of the resolution plan.
Following the order, RCap’s CoC had decided to hold the second round of e-auction on March 20.