Torrent Investment, headquartered in Ahmedabad, has approached the Supreme Court once again to request a halt to the resolution plan submitted by the Hinduja Group for the acquisition of bankrupt Reliance Capital.
In an urgent Letter of Urgency submitted on Tuesday, Torrent urgently implored the court to promptly intervene and expedite the resolution of its ongoing appeals challenging the second round of auction for Reliance Capital’s assets on April 26.
In that particular instance, Hinduja Group’s IIHL became the only bidder following Torrent Investment’s withdrawal. IIHL presented an all-cash offer amounting to Rs 9,800 crore. By June, the resolution plan put forth by IIHL for Reliance Capital had received extensive support from the lenders, securing an overwhelming 99.6 percent of the votes. Currently, the plan awaits the ultimate approval from the National Company Law Tribunal (NCLT).
Torrent has approached the Supreme Court for the second time, seeking intervention to obstruct the approval of IIHL’s resolution plan by NCLT. In a previous endeavor on August 25, the court rejected the request to halt the proceedings.
Torrent Investment mentioned that during the ongoing appeals before the Supreme Court, the committee of creditors (COC) for Reliance Capital went ahead with the second round of auction and gave the green light to IIHL’s resolution plan, submitting it for approval to the NCLT. The NCLT is set to review IIHL’s plan on October 25. According to Torrent Investment, the banks proceeded with these actions despite the company’s pending appeals in the Supreme Court.
Torrent has once again requested the Supreme Court to expedite the hearing of its ongoing appeals in light of recent developments. The court has scheduled the hearing for October 11.