Mumbai, Dec 23 (IANS): IndusInd offers plan of nearly Rs 10,000 crore value with Rs 9,000 crores upfront cash to Reliance Capital (RCap) lenders. Torrent offers 60 per cent lower cash of Rs 4,000 crore in its total bid of Rs 8,640 crore, as compared to the Hinduja-led IndusInd bid of Rs 9,000 crore upfront cash.

Torrent's balance 55 per cent bid is offered at zero interest to RCap lenders as deferred payment of Rs 4,640 crore to be paid in three equal instalments in years 3, 4 and 5.

RCap lenders led by LIC and EPFO with 35 per cent voting are overwhelmingly in support of an 'All Upfront Cash' bid of Hinduja-led IndusInd.

Lenders are to meet on Monday (December 26) for the CoC's advisors KPMG and the RBI-appointed administrator's advisors Deloitte, to present their final analysis for the lenders to take a call on voting on both the plans.

NCLT deadline for RCap to file for resolution is January 31, 2023 and the voting process will be spread over 3 to 4 weeks. RBI's decision of invoking the special powers under Section 227 of Insolvency and Bankruptcy Code (IBC) for the resolution of RCap has turned out to be a huge success for the lenders and is only the second successful resolution after DHFL.