Once a scion of the Reliance empire, Anil Ambani split from brother Mukesh with his own share of the business, only to lose almost everything in less than two decades. All his firms except for infrastructure have declared bankruptcy and the Anil Dhirubhai Ambani empire is going under the hammer. Reliance Capital was referred for bankruptcy resolution by the RBI in 2021, and the process has been marked by a Piramal-led consortium pulling out, Hindujas trying to raise their offer and now Reliance Capital's bid for a fresh auction has been blocked by Torrent.
Creditors of Reliance Capital have given their nod to an additional 90 days between January and April for completing the resolution. Torrent's legal action has forced the administrator to file a plea for an extension with the NCLT in Mumbai on Monday, January 16.
On behalf of Reliance Capital, Kapil Sibal had argued that Torrent's plea was non-compliant.
The creditors found discrepancies in Torrent's resolution plan, as its draft resolution proposal didn't match the highest bid amount submitted by the firm. RCap also alleges that after the administrator wrote to Torrent on January 4, it changed the entire bid two days later.
(To receive our E-paper on WhatsApp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)