The Mumbai-bench of National Company Law Tribunal (NCLT) has extended the deadline for completing the resolution process of Reliance Capital by three months to July 16 as lenders have agreed to hold a second round of auction to maximise their recovery. The earlier deadline of April 16 has already ended.
The 90 days deadline extension was necessitated as the lenders decided to hold a second round of auction on April 26 in order to maximise the recovery from the sale of Reliance Capital assets.
Reliance Capital, a part of the Reliance Group, is one of India’s leading private sector financial services companies.
