new delhi torrent group on wednesday emerged as the highest bidder for debtridden reliance capital in the auction conducted as part of its resolution processahmedabadbased torrent group submitted a bid of rs 8640 crore for acquiring the nbfc firm set up by the anil ambani group sources saidhinduja group was the second highest bidder they said adding oaktree did not participate in the auctionthe cosmea piramal consortium had already pulled out of the bidding processthe committee of creditors coc fixed a floor value of rs 6500 crore for the auctionif lenders accept the bid submitted by torrent group which is into pharmaceuticals and power businesses it will mark its entry into the financial services spaceas per an order of the national company law tribunal nclt lenders have to complete the resolution process of reliance capital by january 31 2023this is the first time that an eauction of this scale is taking place for the resolution of an nbfc nonbanking finance company under the insolvency and bankruptcy codethe decision of ascending eauction has been taken at the behest of lic and epfo which together control 35 per cent of the voting rights in the cocthe reserve bank of india rbi had on november 29 last year superseded the board of reliance capital in view of payment defaults and serious governance issuesthe rbi appointed nageswara rao y as the administrator in relation to the corporate insolvency resolution process cirp of the firmreliance capital is the third large nonbanking financial company nbfc against which the central bank has initiated bankruptcy proceedings under the insolvency and bankruptcy code ibcthe other two were srei group nbfc and dewan housing finance corporation dhflthe rbi subsequently filed an application for initiation of cirp against the company at the mumbai bench of the national company law tribunal ncltin february this year the rbiappointed administrator invited expressions of interest for the sale of reliance capital