Lenders of debt-ridden Reliance Capital Limited (NSEI:RELCAPITAL) have fixed April 26 as the new date for the second auction. As per the earlier schedule, it was to be held on April 11, 2023. The decision for the new date of April 26, 2023 was taken in the Committee of Creditors meeting held on April 11, 2023, sources said.

According to the sources, the bidders who have confirmed their participation in the second round of auction are IndusInd International Holdings Ltd. (IIHL) of Hinduja Group, Torrent Investments Private Limited and Singapore-based Oaktree. The major concern of the bidders is the compliance of the resolution plan with the Insolvency and Bankruptcy Code (IBC) and Request for Resolution Plan (RFRP) guidelines. In the first round of the auction, the Hinduja Group firm submitted the bid post-auction date.

This post-auction bidding is being contested by Torrent Investment in the Supreme Court as it was the highest bidder. The Committee of Creditors (CoC) also has to incorporate the Supreme Court order in the Challenge Mechanism, the sources added.