The Supreme Court has refused the committee of creditors’ (CoC’s) plea for an early listing of Reliance Capital’s (RCap) insolvency hearing, which is set for August.
The apex court, which heard the case on Thursday, has also reiterated that the outcome of the recent second e-auction would be subject to the final hearing in the matter. The CoC wanted to advance the date of the hearing to either this month before the court vacations or another early date so as to complete the resolution process ahead of the July 16 deadline.
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The case would be heard in August, after the summer vacation, which begins from May 20 and extends up to mid-July.
The move gains importance as in April, the Hinduja Group, the sole bidder for the former Anil Ambani group company, had quoted Rs 9,650 crore for the entire assets of RCap, with it offering upfront cash, as other bidders stayed away from the second e-auction.
IndusInd International Holding (IIHL), the company through which the Hinduja Group placed its bids, had also offered to infuse another Rs 350 crore into RCap group firms, increasing its total bid value to Rs 10,000 crore.
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Prior to this in March, Torrent Group, a bidder, had moved the Supreme Court against National Company Law Appellate Tribunal’s order that permitted holding an extended auction for the debt-laden firm. while the matter is pending before the apex court, it had permitted the CoC to conduct the extended challenge mechanism, which is subject to its final judgment in the matter.
Torrent Group and Oaktree Capital, the two other prospective bidders, did not participate in the process alleging lack of clarity in the entire process as the issue is still pending before the Supreme Court.