Anil Ambani’s company Reliance Capital’s resolution process may be delayed, bidders asked for more time
The deadline for presenting the resolution plan i.e. resolution process for debt-ridden Reliance Capital may be extended. This is because the bidders have sought some more time to complete the due process.
The deadline for presenting the resolution plan i.e. resolution process for debt-ridden Reliance Capital may be extended.
The deadline for presenting the resolution plan i.e. resolution process for debt-ridden Reliance Capital may be extended. This is because the bidders have sought some more time to complete the due process. According to the report of PTI, sources have given this information to him. Piramal, Torrent, Oaktree and indusind bank For example, some bidders have written to the administrator appointed for Reliance Capital requesting to extend the deadline for submission of resolution plan from August 10 to September 15.
Reliance Capital’s resolution plan submission date has already been extended four times. Its starting date was only 26 May. There will be a meeting of the committee of creditors next week to take stock of the resolution process, in which the extension of the deadline will also be considered.
Reliance Capital Limited had initially received 54 EoIs but till further processing only 5-6 bidders are left. Sources say that the insurance regulator IRDA has expressed concern over the bid made by Piramal Group for Reliance Nippon Life Insurance.
Talking about the subsidiaries of Reliance Capital, it includes Reliance General Insurance, Reliance Nippon Life Insurance, Reliance Securities, Reliance Asset Re-Construction Company, Reliance Home Finance and Reliance Commercial Finance.
Huge debt of 40 thousand crores on the company
In September 2021, Reliance Capital had told the shareholders in its annual general meeting that the total debt on the company is 40 thousand crores. In the December quarter, the company’s loss had come down to Rs 1759 crore. The company’s total loss in the December 2020 quarter was Rs 3966 crore. Reliance Capital was established in the year 1986.
Earlier it was reported that differences have arisen between the administrator appointed by the Reserve Bank and the lenders regarding the debt resolution process of the debt-ridden company Reliance Capital Limited. Sources said 54 bids had been received till March 25 for debt resolution of RCL and its subsidiary units. This was the last day for sending the Expression of Interest (EoI) to RCL. Out of these, 22 EoIs have come as a single company for RCL.
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