Reliance Capital's Resolution Process Deadline Extended From 90 Days To February 1

The big news is coming out about Reliance Capital. According to the news, the deadline for completing the resolution process of Reliance Capital has been extended by 90 days to February 1, 2023. Currently, this deadline was expiring on November 1. The Administrator is all set to approach NCLT Mumbai for an extension of 90 days.

This will be the third extension as the deadline has been extended twice in the past. As per the Insolvency and Bankruptcy Code (IBC) rules, the administrator was originally supposed to close Reliance Capital's proposal within 180 days - by June 3. Earlier, lenders of Reliance Capital had given an extension of 30 days to the bidders to submit binding bids with an EMD of Rs 75 crore till October 31.

The bidders were not happy with this extension of 30 days as most of them had sought an extension of 2-4 months. Reliance Capital had received 14 non-binding bids for several of its businesses. Six companies had submitted bids for the entire company, while the rest of the bidders had submitted bids for several of its subsidiaries. Torrent IndusInd, Oaktree, Cosmia Financial, Autumn Investments, and Be Right Real Estate have submitted bids for the entire assets of Reliance Capital in the range of Rs 4,000 crore to Rs 4,500 crore.