Oaktree Capital Group, LLC, a bidder for Reliance Capital Limited (NSEI:RELCAPITAL) (RCap) as a core investment company, is looking to exit the ongoing resolution process after the committee of creditors (CoC) turned down its requests for additional information. The global asset management firm had sought RCap's financial results till December 31, 2022, and an extension to the auction date. The firm wants the auction date to be extended to January 31, 2023, beyond the date of completion of the resolution process.

According to the lenders, Oaktree's demands are `impractical and cannot be fulfilled'. The CoC, at its meeting on December 6, 2022, had rejected these demands. As per an earlier National Company Law Tribunal (NCLT) order, lenders have to complete the resolution process of RCap by January 31, 2023.

This also prevents them from giving an extension to Oaktree Capital.