Mumbai, Jan 3,2023:Torrent has got an interim stay from NCLT, Mumbai in the Reliance Capital resolution process, as the COC, in its meeting on Tuesday, discussed the resolution plans of the bidders.

Legal advisors, AZB & Partners for the administrator and Luthra & Luthra for the COC, observed that Torrent and IIHL resolution plans are legally non-compliant with the IBC and other laws.

Financial advisors, Deloitte, and KPMG’s comparison observed that the upfront cash of Torrent was only Rs 3,750 crore, as against the IIHL’s offer of Rs 9,000 crore cash upfront.

Torrent’s deferred payment of 3 to 5 years is without Torrent Investment’s corporate guarantee offered in the first round and at zero interest.

Torrent also wants the COC to allow it a charge on the Reliance Capital assets for deferred financing.

The COC will engage with the bidders for compliance.

It has also decided to file an extension application with the NCLT to extend the resolution process completion timeline from January 31 to February 15.