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The National Company Law Tribunal has admitted the application by the Reserve Bank of India to initiate insolvency proceedings against Reliance Capital.
The Mumbai bench heard the matter of the NCLT on Monday.
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Reserve Bank initiates insolvency proceedings against Reliance Capital
The action comes after the RBI superseded the board of Reliance CapitalThe RBI had on December 2 filed an application for initiating insolvency proceedings against Reliance Capital at the Mumbai Bench of the NCLT.
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Defaults, high liabilities, unaddressed concerns led to RBI action against RCap
RBI had superseded the Board of directors of Reliance Capital on November 29It had previously superseded the board of the troubled company on November 29 and appointed Nageswara Rao Y, ex-Executive Director, Bank of Maharashtra, as the Administrator of the company.
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To assist Reliance Capital Administrator, RBI forms three-member Advisory Committee
The action was taken by the central bank after numerous defaults by Reliance Capital in repayment of its debt obligationsReacting to NCLT admitting RBI's insolvency application against Reliance Capital, the company said, “Reliance Capital supports RBI application of referring RCAP to NCLT under section 227 for the fast track resolution. The company looks forward to expeditious resolution of its debt and continuation as a well capitalised going concern through the IBC process, in the overall interests of all its stakeholders, including lenders, customers, employees and shareholders.”
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