Reliance Capital Resolution Process Completion Deadline Extended To July 16

Mumbai
The Mumbai-bench of National Company Law Tribunal (NCLT) has extended the deadline for completing the resolution process of Reliance Capital by three months to July 16 as lenders have agreed to hold a second round of auction to maximise their recovery. The earlier deadline of April 16 has already ended.
The 90 days deadline extension was necessitated as the lenders decided to hold a second round of auction on April 26 in order to maximise the recovery from the sale of Reliance Capital assets, sources said.
According to the sources, the bidders who have confirmed their participation in the second round of auction are IndusInd International Holdings Ltd (IIHL) of Hinduja Group, Torrent Investment and Singapore-based Oaktree. Earlier the second round of auction was scheduled for April 11, but it was postponed for April 26 as the lenders need time to sort out the issues raised by the bidders.