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In a setback to the ongoing Reliance Capital resolution process, the proposed joint venture arrangement between Piramal Finance and Zurich Insurance, formed to place a joint bid for Reliance General Insurance Company (RGIC), has collapsed.In .
Barely a few days away from the binding bids submission deadline, a few bidders are seeking another extension and have written to the Reliance Capital (RCAP) Administrator.Oaktree and Torrent have requested to extend the deadline for the bid .