Money & Banking

NCLT admits RBI's plea to initiate insolvency petition against Reliance Capital

Our Bureau | | Updated on: Dec 06, 2021
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It had previously superseded the board of the troubled company on November 29.

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.

 

The RBI had on December 2 filed an application for initiating insolvency proceedings against Reliance Capital at the Mumbai Bench of the NCLT.

 

It had previously superseded the board of the troubled company on November 29 and appointed Nageswara Rao Y, ex-Executive Director, Bank of Maharashtra, as the Administrator of the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.

 

Reacting 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.”

Published on December 06, 2021

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