Torrent emerged as the highest bidder in an e-auction process on 21 December.
The group offered a bid of net present value (NPV) worth ₹8,640 crore, which included upfront cash of ₹4,000 crore and the remaining ₹4,640 crore at zero interest over 3, 4, and 5 years.
A day after the e-auction, Hindujas revised their bid to ₹9,000 crore from ₹8,110 crore. Hindujas, who had come in second during the auction process, offered an upfront cash of ₹8,800 crore.
Challenging this move, the Torrent group approached the National Company Law Tribunal, which asked the lenders to keep the Hinduja group's postauction offer on hold till the final hearing.
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