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Torrent stalls Reliance Capital resolution process
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IANS | 03 Jan, 2022
Torrent has got an interim stay from NCLT, Mumbai in the Reliance
Capital resolution process, as the COC, in its meeting on Tuesday,
discussed the resolution plans of the bidders.
Legal
advisors, AZB & Partners for the administrator and Luthra &
Luthra for the COC, observed that Torrent and IIHL resolution plans are
legally non-compliant with the IBC and other laws.
Financial
advisors, Deloitte, and KPMG's comparison observed that the upfront cash
of Torrent was only Rs 3,750 crore, as against the IIHL's offer of Rs
9,000 crore cash upfront.
Torrent's deferred payment of 3 to 5
years is without Torrent Investment's corporate guarantee offered in the
first round and at zero interest.
Torrent also wants the COC to allow it a charge on the Reliance Capital assets for deferred financing.
The COC will engage with the bidders for compliance.
It
has also decided to file an extension application with the NCLT to
extend the resolution process completion timeline from January 31 to
February 15.
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