As many as 55 bids have been received for debt ridden Reliance Capital as part of the ongoing insolvency proceedings.

Prospective applicants

A consortium led by Piramal Group, Yes Bank, Zurich Insurance Company, IndusInd International Holdings, Jindal Power, Ajay Harinath Singh, Chairman, Darwin Platform Group of Companies are some of the prospective resolution applications, according to a list released by Nageswara Rao Y, the RBI appointed Administrator of Reliance Capital.

The Piramal Consortium, with PEL Finhold is the lead partner and India Resurgence Fund, has bid for both the options--- for Reliance Capital as a whole as well as the business clusters. Piramal Group had previously also bid for and also taken over Dewan Housing Finance Corporation Ltd.

22 companies bid for cluster I and II

In all 22 companies have put in bids for both the options while the others have bid for only selected business clusters. The insurance subsidiaries, which are parts of cluster I and II have also seen a lot of investor interest.

Other prospective resolution applicants include Adani Finserv, Authum Investment Infrastructure, Bandhan Financial Holdings, Brookfield, HDFC Ergo General Insurance, ICICI Lombard General Insurance, Torrent Investment, TPG Asia and Truenorth Fund.

Bids by five companies -- Cosmea Financial Holdings, Howen International Fund, Libord Finance, Shree Krishna Group and Yash Shares and Stocks have not been included in the list of prospective resolution applicants due to issues arising after verification of documents. The Administrator can choose to evaluate these bids as well based on further documents and clarifications.

The list of applicants was disclosed by Reliance Capital in a late night stock exchange filing on April 4.

The Administrator had on February 18 issued the expression of interest seeking bids for the company. The last day to submit EoIs was March 25. Previously, the deadline had been fixed as March 11 but it was extended by two weeks as some prospective bidders had sought more time to submit EoIs.

The Administrator has sought any objection to inclusion or exclusion of prospective candidates within five days.