A two-member bench of the NCLAT said the sale of the property is as per the revised resolution framework approved by the appellate tribunal in March 2020 and it cannot operate as any fetter to proceed with the approval of the proposal. Housing Development Finance Corporation Ltd had made an offer to sanction a loan of Rs 400 crore to IL&FS as a lease rental discounting transaction.
The division bench of Justice Ashok Bhushan and Barun Mitra in its oral order, set aside the Mumbai bench of the National Company Law Tribunal order that favoured Torrent Investments in its plea challenging lenders’ decision to hold a second auction for the sale of Reliance Capital and a late improved offer from the Hinduja Group after the auction for the bankrupt company concluded on December 21.The division bench of Justice Ashok Bhushan and Barun Mitra in its oral order, set aside the Mumbai bench of the National Company Law Tribunal order that favoured Torrent Investments in its plea challenging lenders’ decision to hold a second auction for the sale of Reliance Capital and a late improved offer from the Hinduja Group after the auction for the bankrupt company concluded on December 21.
The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed a petition filed by Reliance Capital lenders seeking another round of auction for the debt-ridden firm. A two-member bench set aside an order passed by NCLT and said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid.The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed a petition filed by Reliance Capital lenders seeking another round of auction for the debt-ridden firm. A two-member bench set aside an order passed by NCLT and said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid.
The National Asset Reconstruction Company (NARCL) on Tuesday gave a ₹222.5 crore binding offer for verified claims of ₹619 crore, said two people with knowledge of the matter. The offer from NARCL equates to a 36% recovery for lenders and has triggered a 'Swiss challenge' auction.The National Asset Reconstruction Company (NARCL) on Tuesday gave a ₹222.5 crore binding offer for verified claims of ₹619 crore, said two people with knowledge of the matter. The offer from NARCL equates to a 36% recovery for lenders and has triggered a 'Swiss challenge' auction.