New Delhi: The National Company Law Tribunal (NCLT) on Monday admitted the petition moved by the RBI to initiate insolvency proceedings against Reliance Capital (RCL) under the Insolvency and Bankruptcy Code (IBC). The NCLT’s Mumbai bench also confirmed the appointment of Y NageswarRao as the administrator of the company.
RCL said it supports the Reserve Bank of India (RBI) application of referring the company to the 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interests of all its stakeholders, including lenders, customers, employees and shareholders,” RCL said.The RBI had superseded the board of directors of RCL, belonging to the Anil Ambani group.
