Torrent Investments Pvt. Ltd requested the Supreme Court to intervene in the RCap insolvency case, through a three-page letter of urgency. According to the reports, Torrent Investments Pvt. Ltd submitted a letter of urgency in the apex court to challenge the National Company Law Appellate Tribunal’s 2nd March order which led Reliance Capital’s lenders to start a second auction as a part of its corporate insolvency resolution process. Meanwhile, Torrent Investments Pvt. Ltd knocked on the door of the apex court to seek its intervention in the RCap insolvency case. If you are scrambling to the web to learn more about RCap’s insolvency case and Torrent Investments Pvt. Ltd’s letter of urgency, stick with this page and go through it till the end.
Torrent Investments Pvt. Ltd Seeks SC’s Intervention
Torrent posted a three-page letter to seek the intervention of the Supreme Court for the final disposal of its pending appeals and urgent hearing. The letter of urgency submitted by Torrent Investments Pvt. Ltd challenges the second round of auction for debt-laden Reliance Capital’s assets. If you are not aware of where this legal tussle started between the landers, kindly pay attention to the next section. Drag down the page.
As per the reports, the legal tussle began between the lenders when Torrent Investments Pvt. Ltd submitted its bid of Rs 8640 crore for Reliance Capital but the rival company Hinduja Group revised its bid through IndusInd International Holding Ltd to Rs 9,000 crore for RCap. Meanwhile, the CIC (Committee of Creditors) proposed an extended challenge mechanism in a bid to get a higher value for RCap. At the second auction round held in April, the rival bidder Hinduja Group’s IndusInd International Holding Ltd was the only bidder.
In the letter of urgency, Torrent Investments Pvt. Ltd alleged that any subsequent developments pursuant to the conduct of the second challenge mechanism including the CIC approving the resolution plan by IIHL and filing of the resolution plan before the Mumbai NCLT are all conscious steps taken by the CIC and the administrator to render the appeal filed by the appellant (Torrent) infructuous and cause prejudice to the appellant in complete contravention of the orders,” On Wednesday, October 4, 2023, the Supreme Court considered the matter for final disposal and the final decision will come out on October 11, 2023. However, Torrent earlier sought help from the NCLAT and NCLT that allowed Torrent Investment’s plea challenging the proposal of the lender to hold a second round of auction.