Amid a standoff over the bidding process for debt-ridden Reliance Capital Ltd (RCL) and its subsidiaries, lenders have rejected the concerns raised by the RBI-appointed administrator and have decided to go ahead with their own proposal, an unprecedented development under the insolvency proceedings, sources said.
The Committee of Creditors (CoC) has also decided that all the bids of RCL will be on an all-cash basis, the sources said on Tuesday.