The National Company Law Tribunal, Mumbai, granted interim relief to Torrent Investments on Tuesday, by directing the administrator of bankrupt Reliance Capital Ltd not to present the revised offer Hinduja group made past the auction deadline to the lenders until the next hearing date.
Torrent Investments, which emerged as the top bidder in the auction process with an offer of ₹8,640 crore for Reliance Capital (RCap), approached the bankruptcy court to restrain lenders from considering Hinduja's upgraded offer of ₹9,000 crore, arguing that accepting late offers violated the norms for the insolvency resolution process.
The tribunal will take up the matter for further hearing next week.
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