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Tuesday, March 28, 2023

Supreme Court to hear Torrent’s plea on Mar 20


Supreme Court on Monday agreed to hear on March 20, Torrent’s plea against NCLAT order allowing second round of auctions.

It is to be noted that the COC had scheduled to conduct a second round of auction on March 20.

Torrent’s senior lawyers, Mukul Rohatgi and Shyam Divan told the Supreme Court’s bench, headed by the Chief Justice of India (CJI) Dr Dhananjaya Yeshwant Chadrachud, that this matter requires an urgent hearing.

“This matter involving COC (Committe of Creditors) and us (Torrent) needs an immediate hearing,” Divan urged the Supreme Court, to which, the SC agreed to hear it on March 20, Monday.

Divan pleaded to the Supreme Court for immediate stay of NCLAT order, and claimed that irreversible harm will be done, if second round of auctions is allowed.

The Torrent group today requested the Apex Court to stay the National Company Law Appellate Tribunal’s (NCLAT) order in favour of Reliance Capital lenders and allow another round of auction for the financial services company.

Torrent Group, a bidder of bankrupt firm Reliance Capital (RCap), had on March 07, moved the Supreme Court against the National Company Law Appellate Tribunal’s (NCLAT’s) order to hold a second round of auction for RCap assets.

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

The NCLAT in its order had allowed another round of bidding for the bankrupt firm Reliance Capital.

The NCLAT also in its order said that the CoC has the power to negotiate and invite for a higher bid.

The NCLAT passed the order after hearing a petition filed by Vistra ITCL (India), one of the lenders of Anil Ambani-promoted RCap, challenging an order of NCLT which restricted further auction of the bankrupt firm.

Torrent had moved the court challenging to stop the second round of auction after its offer of Rs 8,640 crore emerged as the highest bid for the company. The Hindujas made an offer of Rs 9,000 crore after the auction closed.

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