NCLT to hear Torrent's plea against Reliance Capital auction

Mumbai: The bankruptcy court in Mumbai posted to Tuesday the hearing of an application filed by Torrent Investments challenging another round of auction for Reliance Capital, after the administrator of the Anil Ambani group company sought time to file his response.

On Monday, senior advocate Ravi Kadam, appearing for Reliance Capital administrator Nageswara Rao Y, sought a day's time to file his response saying that they had received Torrent's communication quite late.

Senior advocate Kapil Sibal and counsel Prateek Seksaria are appearing for Reliance Capital's committee of creditors at the National Company Law Tribunal. Gujarat-based Torrent is seeking NCLT's intervention to restrain lenders from another round of auction after it emerged as the highest bidder for the financial services company.


In the first week of January, lenders proposed to hold a second round of auction with a minimum threshold price of ₹9,500 crore on a net present value basis, which would include ₹8,000 crore as upfront cash payment, as reported by ET on January 9. The administrator had planned to invite lenders to vote on this proposal.