Reliance Capital Limited (NSEI:RELCAPITAL) (RCap) insolvency proceedings are likely to be delayed further, with the prospective buyers now seeking additional time for submission of the binding bids. The bidders are seeking an extension to the September 29, 2022 deadline as they are yet to complete the due diligence processes. The consortium led by Piramal Enterprises Limited (BSE:500302) has sought an extension of 12 weeks, while Advent International Corporation wants a 16-week extension till January 30, 2023, according to sources close to the development.

IndusInd Bank Limited (BSE:532187) has sought a 10-week extension, while Oaktree Capital Group, LLC has for 12 weeks and Zurich Insurance Group AG (SWX:ZURN) has requested for an eight-week extension, they added. The committee of creditors (CoC), who are set to meet next week, is also of the opinion that an extension should be granted as it would also help in getting maximum binding bids for RCap assets. Further, this would also help in maximising value to lenders.

As per the current timeline, the last date to submit binding bids is September 29, 2022 along with an Earnest Money Deposit (EMD) of INR 750 million. The timeline for filing of final resolution plan with the National Company Law Tribunal's (NCLT) Mumbai bench is November 1, 2022. Torrent Investments Private Limited (Torrent Group), IndusInd Bank, Oaktree Capital, Cosmea Financial Holdings Private Limited, Authum Investment & Infrastructure Limited and B-Right Realestate Limited had submitted bids in the range of INR 40,000 million - INR 45,000 million.