Piramal Enterprises, YES Bank, Zurich Insurance and Blackstone are among the frontrunners in the race to acquire the assets of Reliance Capital (RCap) in the insolvency proceedings, sources say. However, the debt resolution process may be further delayed as some of the bidders have requested more time.
“The lenders, at their meeting today, have decided to extend the deadline for the resolution process for an additional two months, until November 2, 2022,” a source said.
The deadline has already been extended once before by 90 days, from June 3 to September 2, 2022. In accordance with IBC rules, the resolution of RCap should have been completed within 180 days on June 3.
“The COC at its meeting today also decided to extend the deadline for submission of the resolution plan by potential bidders from June 20 to July 11,” a source said. This comes after some potential bidders wrote to the administrator asking for more time to submit the resolution plan.
Piramal Enterprise had requested that the deadline be extended to August 10, while IndusInd Bank had requested to extend the deadline to July 15, the source said.
As many as 54 companies have bid for Reliance Capital in its ongoing resolution process, but only a handful remain interested. From this, Piramal Enterprises and YES Bank are expected to be actively engaged with the administrator for the acquisition of the entire company.
Zurich Insurance and Blackstone appear interested in acquiring the non-life insurance assets while for the life insurance cluster, Cholamandalam Group has expressed interest, sources said.
June 16, 2022