Mumbai, Dec 5 : Differences have emerged between the key stakeholders, i.e., lenders and process advisors of Reliance Capital over the resolution plan options. The COC is meeting Tuesday to resolve these differences. With the binding bids coming in at an abysmally low value, the advisors and members of the Committee of Creditors (COC) hold different opinions on what process they should adopt to resolve the current differences. The choice is between liquidation or continuing with the ongoing bid process. The process advisor to the Reliance Capital Administrator, Y. Nageshwar Rao, Deloitte, is of the opinion that the value of the bids is so low -- almost 70 per cent below the liquidation value of Rs 13,000 crore, that Reliance Capital should go for liquidation, under section 6(A) of the IBC. On the other hand, the advisor to the COC, KPMG view is that they should proceed with the ongoing process and bring finality to the resolution process by awarding the bid to the highest bidder. The difference of opinion is not restricted to the two process advisors only. Even the members of the COC hold different views on the various options for resolution. According to sources, a section of the COC members has recommended a "close cover option" for the bidding process. Under the process, the award will go to the highest bidder. The other view within the COC is that in order to maximize the realization, the e-auction process should be adopted, which is a more transparent and fair system for price discovery and is a more preferred and prevalent process in India. According to the sources, the key to resolving the differences lies with the LIC and EPFO, who collectively control 35 pe cent of voting rights in the COC. LIC and EPFO have a debt of Rs 3400 crore and Rs 2500 crore respectively in the RCAP. The decision by LIC and EPFO will play a pivotal role in deciding the final resolution process. They have to decide whether they want the resolution or liquidation, and what option they want to choose in case they wish to go ahead with the resolution process. Hence, Tuesday's COC meeting is quite significant from the point of view that all these different opinions and options will be discussed amongst lenders to arrive at a solution that will be acceptable to all the stakeholders. Reliance Capital received four binding bids on November 28, which was the last date for submitting the bids. The highest bid was submitted by a consortium of Cosmea Financial and Piramal, with a bid value of Rs Rs 5,231 crore. Hinduja, with a bid value of Rs 5,060 crore is the second highest bidder for RCAP. The size of Torrent and Oaktree bids is Rs 4,500 crore and Rs 4,200 crore respectively. On the other hand, the valuation reports by the Independent valuers - Duff & Phelps and RBSA, have pegged the Liquidation Value of Reliance Capital at Rs 12,500 crore and Rs 13,200 crore respectively. The Liquidation Value (LV) of Reliance Capital estimated by these two independent valuers is almost 70 per cent higher than the bids received by the Administrator. /IANS