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The National Company Law Appellate Tribunal (NCLAT) on Tuesday issued notice to Torrent Investments in a matter pertaining to a plea filed by the secured lenders of Reliance Capital seeking a second round of financial bids for the debt-ridden firm as a part of the corporate insolvency resolution process.

A bench headed by chairperson Justice Ashok Bhushan issued notices, directing respondents to file replies within three days. The appellate law tribunal has directed to list the petition on 9 February 2023, saying the appeal would be heard and decided by it.

One of the secured creditors, Vistra ITCL (India) Ltd, of Reliance Capital, has moved NCLAT against an NCLT order challenging the stay on the second auction for Reliance Capital.

In its order, NCLT stated that the second challenge mechanism was in violation of section 39 (1a) of the corporate insolvency resolution professional. NCLT in its order said the bench allows Torrent Investments' application and declared that the challenge mechanism for financial bids stood concluded as on 21 December 2022, with the bid of the applicant at 8,640 crore being the highest.

ABOUT THE AUTHOR
Priyanka Gawande
Priyanka Gawande is a senior legal correspondent at Mint. She has worked as legal reporter for four years with both television and digital mediums. Based in Mumbai, she reports on disputes across sectors including banking, corporates and finance. This also includes insolvency and bankruptcy cases and intellectual property rights (IPR) litigation. Her focus also comprises tracking capital markets and disputes relating to securities law. Previously, Priyanka worked with Informist Media for 2.5 years covering major insolvency and bankruptcy cases and corporate developments. She started her career in journalism with Business Television India (BTVi) where she reported on primary markets, banking, finance and insurance companies.
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