After its plea to stay the approval of Reliance Capital’s resolution plan was rejected by the NCLT on October 1, Torrent Investment has once again approached the Supreme Court.
In a Letter of Urgency filed before the SC on Wednesday, Torrent Investment has sought the apex court’s intervention for an urgent hearing and final disposal of its pending appeals that had challenged the second round of auction for the sale of Reliance Capital assets.
The second round of auction for Reliance Capital was held on April 26, 2023, where Hinduja Group company IIHL was the sole bidder, as Torrent Investment decided not to participate in the auction.
IIHL had made an all cash bid of Rs 9800 crore, In June, Reliance Capital lenders approved IIHL’s resolution plan with 99.6 per cent voting, and the plan is currently pending before the NCLT for its final approval.
This is not the first time that Torrent Investment has sought SC’s intervention to stymie the approval of IIHL’s Resolution Plan by the tribunal. Torrent’s earlier attempt to prevent NCLT from considering the IIHL resolution plan had been unsuccessful as the SC, on August 25, had refused to stay the proceedings before the NCLT.
In a fresh Letter of Urgency, Torrent Investment has stated that during the pendency of its appeals before the SC, the Committee of Creditors (COC) of Reliance Capital have not only conducted the second round of auction, but approved the resolution plan of IIHL and proceeded to file a plan approval application before the NCLT, which is currently pending and listed for further consideration on October 25, 2023.
The letter further states that all the conscious steps taken by the COC and Administrator like conducting a second round of auction, approval of IIHL’s resolution plan, filing of the plan for NCLT approval, will render its pending appeals infructuous. In view of these developments, the Torrent Investment has sought SC’s intervention to hear it’s pending appeals for final disposal on October 11, 2023.
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