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 .
Reliance Capital Committee of Creditors (COC) has decided to extend the date of submitting the binding bids from October 31 to November 20.This extension has been granted in view of NCLT recently approving a 90 days extension for the completion .
NCLT extends Reliance Capital resolution process completion deadline to January 31, 2023. The earlier deadline was November 1, 2022.This is the third extension, as the timeline has been extended twice in the past.As per the Insolvency and .