Gujarat-based Torrent Group placed the highest bid to acquire the entire assets of debt-laden Reliance Capital owned by Anil Ambani for Rs 8,640 crore in the first phase of auction that was conducted on Wednesday, said a report. It said the only other company that's left in the race now is Hinduja Group, which has offered Rs 8,110 crore.
As part of this last-ditch effort, Ambani has moved to torpedo Mumbai-based industrialist Nikhil V. Merchant’s bid by questioning his eligibility to participate in the bidding for Reliance Naval.
A company can run usual operations or as a “going concern” even if it is in the process of being wound up in an administered sale, said a recent order by a bankruptcy appeals court, boosting recovery prospects for lenders seeking to maximise value on soured
A company can run as a going concern in liquidation: NCLAT indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.