Beforehand, the Committee of Collectors (CoC) had prolonged the bid deadline from Might 26 to June 20.
has written to the administrator to increase the deadline to August 10, sources conscious of the matter stated.
One other bidder has additionally sought extra time for decision plan submission. It’s understood that it has additionally written to the administrator of Reliance Capital (RCap) to increase the date to July 15.
The CoC, they stated, in all chances are anticipated to increase the deadline to August 10.
In keeping with sources, as of now, there are solely three bidders who’re actively engaged with the CoC for RCap’s decision. These are Piramal, and IndusInd Financial institution.
RCap had initially acquired 54 expressions of curiosity (EOIs) from completely different corporations for its a number of belongings.
Out of the 54 Potential Decision Candidates (PRAs) who had submitted EoI’s for RCap’s belongings, 45 had not engaged with the CoC in any respect, sources stated.
The Reserve Financial institution of India (RBI) had on November 29 final 12 months outdated the board of
in view of fee defaults and critical governance points.
The RBI appointed Nageswara Rao Y because the administrator in relation to the Company Insolvency Decision Course of (CIRP) of the corporate.
That is the third massive Non-Banking Monetary Firm (NBFC) in opposition to which the central financial institution has initiated chapter proceedings below the Insolvency and Chapter Code (IBC) not too long ago. The opposite two had been Srei Group and Dewan Housing Finance Company (DHFL).
