A number of bidders of Reliance Capital Limited (NSEI:RELCAPITAL), including a consortium led by Piramal Enterprises Limited (BSE:500302), have sought an extension to the November 28, 2022, deadline to submit binding bids for the former Anil Ambani group company. The bidders — others being Oaktree Capital Group, LLC, Torrent Investments Private Limited and Zurich Insurance Group AG (SWX:ZURN)— have written separate letters to the administrator of the insolvency process, seeking more time to finalise their resolution plans. While Piramal and Zurich want the deadline to be extended to December 16, 2022, Oaktree and Torrent want it to be moved to December 23, 2022, sources close to the development said.

However, the administrator is unlikely to grant the requests as they come barely a week before the expiry of the deadline. The deadline, if extended again, would lead to further delays in the whole process, sources added. Both Oaktree and Torrent had submitted non-binding bids for RCapital under Option 1, where they have bid for RCap as a core investment company (CIC), while Piramal and Zurich want to take over its general insurance business.