Torrent Group appeals against NCLAT decision in Reliance Capital case SC

 Torrent Group appeals against NCLAT decision in Reliance Capital case SC

The Torrent Group could ask the Supreme Court to stay the National Company Law Appellate Tribunal's (NCLAT) decision in favour of Reliance (NS:RELI) Capitals lenders and allow another round of auction for the financial services company.

The lenders had approached the NCLAT challenging an earlier order of the National Company Law Tribunal (NCLT) restraining the CoC from extending the auction round to find a higher value for the company.

In the next round of bidding, the minimum/reserve price will be 8,000 rupees in cash, 9,500 rupees in the first round and 10,000 rupees thereafter and 250 rupees after each round, according to reports.

The first bidding ended on 21 December 2022 and Torrent Investments was found to be the highest bidder at 8,640 rupees.

Shortly after, 'IIHL submitted an offer of 9,000 billion rupees to the Hinduja Group.

According to reports, Mukul Rohtagi will represent Torrent in the Supreme Court, while Kapil Sibal will represent the CoC.