In a novel move, Torrent provides the complete $8.640 billion bid amount as upfront payment.

Torrent Investments has now offered to make its complete Rs. 8,640 crore bid for Reliance Capital in cash up front (RCap). 

This is consistent with the bid the corporation quoted during the e-auction under the IBC framework’s net present value (NPV).

In the meantime, it is also believed that the Hinduja Group revised its belated offer of Rs. 8,110 crore and made additional offers to lenders in connection with disputes between creditors in Reliance General Insurance and a deferred payment that was made after the permitted period of 7 years used for NPV calculations.

This news is written by Ms. Amrita Singh, Research Assistant, All India Legal Forum.