Gujarat-based Torrent Group has written to the administrator and lenders of Reliance Capital (RCap) terming their decision on another round of challenge process as illegal.
The group has also alleged that the move is only an attempt to delay the resolution process. The value maximisation of the process has already been achieved, and another round of the challenge process has been proposed with “mala fide” intentions, Torrent said in the letter.
The group also termed it as against the laws of the bankruptcy process and also in violation of the recent National Company Law Tribunal (NLCT) order, which stayed the process till the next hearing on Thursday. The second auction was an attempt to circumvent the interim order, sources close to the development said.
However, the lenders who are waiting for NLCT’s hearing tomorrow, were unfazed with the letter. “The decision has to be made by the tribunal, which would decide on the way forward for finalising the winner of the bidding process and completion of the bankruptcy proceedings,” a banking source said.