April 24, 2024


Live Finance

RCap CoC to meet on Friday to finalise e-auction process

RCap CoC to meet on Friday to finalise e-auction process

The Committee of Creditors (CoC) of Reliance Money will meet up with on Friday to finalise the e-auction procedure of financial debt resolution in a bid to increase the general restoration.

The loan providers can both choose for ascending auction or descending auction. Some of the overseas banking companies on the CoC are in favour of a descending auction beneath which the base value will be ₹17,000 crore as identified by the independant valuer.

In the ascending auction course of action, the foundation selling price will be ₹5,300 crore which is the highest bid benefit quoted by Cosmea and Piramal consortium in the last round of bidding. LIC and EPFO are in favour of this model, resources explained.

Lenders’ vote

In the conference held on Tuesday, the loan providers voted in favour of keeping an e-auction following the first round of bidding was 70 per cent reduced than the liquidation benefit. Cosmea-Piramal consortium, Hinduja, Oaktree and Torrent Team are between the players who are interested in buying RCap’s property.

Nonetheless, Oaktree could exit the race after the loan providers turned down two requests from the asset administration organization. Resources stated Oaktree had sought Reliance Capital’s fiscal outcomes till December 31, 2022, followed by a four-week extension, until January 31, 2023, for conducting the auction process.

As for each the NCLT purchase, lenders have to full the resolution approach of Reliance Cash by January 31, 2023.