Anil Ambani’s company Reliance Capital is going to be sold, there was a big jump in shares

65 percent will be recovered

With this, the lenders will also get more than Rs 500 crore cash lying with Reliance Capital, he added. In this way the lender is expected to get Rs 10,200 crore. Although the originally secured debt is Rs 16,000 crore, that means only 65 percent of the total debt will be recovered for the lenders.

The administrators of Reliance Capital are likely to present the resolution plan of IIHL before the Mumbai bench of the National Company Law Tribunal next week. The deadline to submit the resolution plan is July 15.

Minimum bid of Rs 9,500 crore

The voting on IIHL’s resolution plan, which began on June 9, concluded on Thursday. The committee of creditors had set a minimum bid limit of Rs 9,500 crore in the first round. Whereas in the second round of auction held in April, this limit was kept at Rs 10,000 crore. After that, each round of bidding will increase by Rs 250-250 crore. The second round of auction took place on April 26 after the Supreme Court’s nod.

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The appeal of Torrent Investments

Sources, however, said any decision by the committee of creditors on the resolution plan for Reliance Capital would depend on the Supreme Court’s decision on Torrent Investments’ appeal. Reliance Capital’s resolution process got mired in a legal tussle after the first round of auction. After the completion of the first round of auction, the Hinduja group company submitted the bid. Bids were submitted after the end of the auction date. This was challenged in the Supreme Court by Torrent Investments as it was the highest bidder in the first round.

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