Business / Creditors of Anil Ambani Reliance Capital reportedly have differences with advisors

Anil Ambani: Anil Ambani and his debt-ridden company Reliance Capital are not taking the name of their problems. Reliance Capital and its lenders heaved a sigh of relief from the news that came in the last few days. But now differences have emerged between the lenders and counselors of Reliance Capital. The meeting of the Committee of Creditors (COC) is to be held today itself for the final decision.

70 percent less bids than liquidation

According to sources, the bidders have so far bid very low prices. In such a situation, the consultant and the committee of creditors have different views on the resolution process. They have the option of going for liquidation or continuing with the ongoing bidding process. In this case, Deloitte, the process consultant of Reliance Capital Limited (RCL) administrator Y Nageswara Rao, says that the value of the bids is 70 percent less than the Rs 13,000 crore of liquidation.

There is no consensus in the committee of lending companies

In this situation, if Reliance Capital goes for liquidation, the company will get around Rs 13,000 crore under the Insolvency and Bankruptcy Code (IBC). On the other hand, CoC's advisor KPMG says that they should go ahead with the existing process and accept the highest bid. Sources also say that there is no consensus in the committee of lending companies with different opinions between the two process consultants.

LIC and EPFO have 35 percent voting rights

Some member companies of COC say that the bid of the highest bidder should be final. On the other hand, some say that the option of e-auction can be adopted for a higher amount. It will be completely transparent. Sources also say that LIC and EPFO have an important role in resolving the differences. Women have 35 percent voting rights in the CoC.