4 Nov 2022 , 08:07 AM
Lenders of the heavily indebted Reliance Capital Ltd. (RCL) will convene on Friday to discuss the newly established “Challenge Mechanism” clause in the resolution process.
Lenders have the freedom to object to any settlement plan whenever they wish thanks to the “Challenge Mechanism.”
Some bidders have voiced concerns to the administrator about the addition of this new condition at such a late stage of the bidding process. They added that the Request for Resolution Plan (RFRP) document made no reference to this method.
These bidders have maintained that there was no such condition in the DHFL bidding process, which was the largest resolution done through NCLT in the financial services sector for over Rs95,000 crore in debt.
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