Torrent seeks SC intervention in RCap insolvency case

livemint.com:

₹8,640 crore for RCap, but rival bidder the Hinduja Group through IndusInd revised its bid to ₹9,000 crore. Subsequently, the committee of creditors (CIC) proposed an extended challenge mechanism in pursuit of higher value for the company.

In April, at the second auction, Hinduja Group’s IndusInd International Holding Ltd was the sole bidder. “Any subsequent developments pursuant to the conduct of second challenge mechanism including the CIC approving the resolution plan by IIHL and filing of the resolution plan before the Mumbai NCLT are all conscious steps taken by the CIC and the administrator to render the appeal filed by appellant (Torrent) infructuous and cause prejudice to appellant in complete contravention of the orders," Torrent alleged in its urgency petition.

On Wednesday, Supreme Court listed the matter for final disposal on 11 October. Earlier, the lenders had moved the NCLAT after the NCLT allowed Torrent Investment’s plea challenging the lender’s proposal to hold a second auction (also known as extended challenge mechanism) as a part of the Corporate Insolvency Resolution process (CIRP) of Reliance Capital.