MUMBAI: Reliance Capital (RCap)'s committee of creditors (CoC) will meet on Tuesday to talk about the new resolution plans that the Torrent and Hinduja groups have submitted as part of the bankruptcy process. Torrent Group has threatened legal action if creditors consider any bid after the process has ended, so an immediate decision is unlikely, according to sources.
In an electronic auction that the lenders held to find challenger bids to an earlier round in which the Piramal-Cosmea combination had won, Torrent Group was the highest bidder. Piramal-Cosmea had stayed out of the challenger round because it was unhappy with the lenders' decision to raise the base price in an arbitrary way.
Torrent submitted a resolution plan in the challenger round with a net present value (NPV) of Rs 8,640 crore, whereas Hinduja's NPV was Rs 8,110 crore. Hinduja presented a revised resolution plan with an NPV of more than Rs 9,000 crore following the auction. Prior to voting, creditors have accepted offers made after the bidding process.