Mumbai: The RBI has filed an software with the Nationwide Firm Regulation Tribunal (NCLT) to provoke insolvency proceedings in opposition to the Anil Ambani-owned Reliance Capital. The transfer comes two days after the central financial institution outmoded RCap’s board of administrators, citing defaults and severe governance points.
The RBI mentioned, in an announcement issued right here, that when it comes to the insolvency guidelines, an interim moratorium shall start on and from the date of submitting of the applying until its admission or rejection. If the corporate is admitted for insolvency, there might be a moratorium on establishment of latest fits or continuation of pending fits or proceedings in opposition to the debtor. The corporate can be barred from transferring, encumbering, alienating or disposing off any of its belongings.
Reliance Capital is the third monetary providers agency to face insolvency proceedings after the regulation was amended to incorporate NBFCs.
The RBI mentioned, in an announcement issued right here, that when it comes to the insolvency guidelines, an interim moratorium shall start on and from the date of submitting of the applying until its admission or rejection. If the corporate is admitted for insolvency, there might be a moratorium on establishment of latest fits or continuation of pending fits or proceedings in opposition to the debtor. The corporate can be barred from transferring, encumbering, alienating or disposing off any of its belongings.
Reliance Capital is the third monetary providers agency to face insolvency proceedings after the regulation was amended to incorporate NBFCs.
Supply: Times of India