Late Friday evening, administrator Rajnish Sharma informed potential applicants about the deadline extension. He said the resolution plans must strictly comply with the terms of the RFRP (reference for resolution plan) along with the submission of earnest money. The RFRP states that applicants must deposit earnest money of Rs 150 crore which would be forfeited if the Reserve Bank of India did not endorse the successful resolution applicant as “fit and proper”.
Late Thursday evening, the administrator revised the terms of the RFRP, stating that the resolution applicant should assign a value to the proceeds that could be recovered from the transactions categorised as fraudulent, preferential, or avoidance.
Disclosures made by the administrator to the stock exchange show that consultant BDO India has classified several transactions totalling over ₹5,000 crore as fraudulent. The administrator did not respond to ET’s request for comment.