The RCAP resolution plan submission date has already been extended four times in the past couple of months. The current deadline to submit the plan ends on August 10, while the original date was May 26.

Some bidders want the present deadline of August 10 to be pushed to August 30, while some have sought extension till September 15. The Committee of Creditors (COC) will be meeting in the coming week to take stock of the resolution process and consider the deadline extension.

The Reliance Capital had initially received 54 Expression of Interest (EOI), but now only a handful of bidders are active at the due diligence stage. Majority of the bidders have abandoned the process.

Owing to an extremely poor response to the Reliance Capital resolution plan, the COC has also waived the condition of paying Rs 75 cr Earnest Money Deposit (EMD), in the first submission date. The move to waive off the EMD in the first submission date is yet another attempt by the COC to keep the resolution process going, as bidders continue to abandon the RCAP resolution process. One of the bidders, Piramal Group is also facing regulatory roadblock as IRDAI has flagged concerns over Piramal Group’s bid for the Reliance Nippon Life Insurance. As per the regulations, Piramal, who already has a promoter stake in a life insurance firm, cannot pick up a similar stake in another life insurer.