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NCLT Extends Reliance Capital Resolution Deadline to January 31, 2023

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NCLT is expanding Reliance Capital resolution deadline for process completion until January 31, 2023. The earlier deadline was November 1, 2022.



This is the third extension as the timeline has been extended twice in the past.

Under the rules of the Insolvency and Bankruptcy Code (IBC), the administrator was originally required to close RCL’s resolution within 180 days — no later than June 3.

Previously, the lenders of dependency capital had given the bidders a 30-day grace period to submit binding bids, along with an EMD of Rs 75 crore, by October 31.

The bidders were not happy with this 30-day extension as most of them had requested an extension of 2 to 4 months.

Reliance Capital had received 14 non-binding bids for its multiple companies. Six companies had submitted bids for the entire company, while the rest of the bidders had submitted bids for multiple subsidiaries.

Torrent, IndusInd, Oaktree, Cosmea Financial, Authum Investment and B Right Real Estate have submitted bids in the range of Rs 4000 crore to Rs 4500 crore for the entire assets of Reliance Capital.

In front of Trust General Insurance business, Piramal Finance has bid Rs 3,600 crore while Zurich Insurance’s bid is Rs 3,700 crore. The third bidder, namely Advent, has bid Rs 7,000 crore for Reliance General Insurance.

Jindal Steel and Power and UVARC have made an offer for Reliance Capital’s ARC business.

For other assorted assets of Reliance Capital, three bidders – Choice Equity, Global Fincap and Grand Bhawan have submitted the bids.

At the start of Reliance Capital’s resolution process, more than 54 companies had filed an Expression of Interest (EOI) for the various assets, of which only 14 are now in conflict.

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