These legal issues involve a cumulative liability of Rs 22,000 crore, and they need prompt resolution for the successful closing of RCAP’s resolution plan.
According to sources, the bidders are likely to place a condition precedent on these issues to any payment to the lenders.
The two major issues reported by bidders are the impending resolution of
Authum Investment and Infrastructure Ltd had been selected as the successful bidder for RHFL in June 2021, but the resolution process is not yet complete due to various disputes involving debenture holders. RHFL’s total debt is Rs 11,500 crore.
With regard to Reliance General Insurance, the independent actuarial
Apart from these, the other two court cases reported by the bidders are Axis Bank’s claim of Rs 150 crore against Reliance Capital, which the bank lost in the NCLT, and a case involving Administrator and IndusInd Bank, involving the arbitration of Nippon Asset Management. shares. The total liability in this case is Rs 650 crore.
The deadline for submitting firm offers is November 28.
Prompt resolution of these legal issues is a challenge for the Administrator to successfully close out the RCAP resolution plan.
Reliance Capital had received 14 non-binding offers for its multiple businesses. Six companies submitted bids for the entire company, while the remaining bidders submitted bids for its multiple subsidiaries.
Torrent, IndusInd, Oaktree, Cosmea Financial, Authum Investment and B Right Real Estate have submitted bids ranging from Rs 4,000 crore to Rs 4,500 crore for all of Reliance Capital’s assets.
For Reliance General Insurance business, Piramal Finance offered Rs 3,600 crore, while
The third bidder, Advent, offered Rs 7,000 crore for Reliance General Insurance.
Jindal Steel and Power and
For Reliance Capital’s other miscellaneous assets, 3 bidders — Choice Equity, Global Fincap and
RCAP’s life insurance business,
At the start of Reliance Capital’s resolution process, more than 54 companies had submitted an Expression of Interest (EOI) for its various assets, of which only 14 are currently in the running.
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