Reliance Capital’s (RCL) lenders have extended the resolution process timeline by another two months to November 2 as there has been a tepid response from bidders for its acquisition. The timeline was already extended once by 90 days -- from June 3 to September 2, 2022.
This is the second extension granted by the Committee of Creditors (CoC) for the completion of RCL's resolution process. As per the Insolvency and Bankruptcy Code (IBC) rules, the administrator had to close the resolution of RCL within 180 days -- by June 3.
In addition, the CoC also decided to extend the last date for submission of the resolution plan by the prospective bidders from June 20 to July 11.
Reliance Capital, a part of the Reliance Group, is one of India’s leading private sector financial services companies.
