RBI has actually started insolvency proceedings versus Reliance Capital LimitedReserve Bank of India (RBI) on Tuesday stated that it has actually retained the three-member advisory committee to assist the recently appointed administrator of Reliance Capital Limited (RCL).
The reserve bank's statement came a day after the Mumbai bench of National Business Law Tribunal (NCLT) admitted its petition for starting insolvency resolution procedures versus Reliance Capital.
Last month, the RBI had actually superseded Reliance Capital's board, mentioning defaults and governance issues.After the admission of the petition, the RBI said it has actually decided that the three-member committee will continue as the Advisory Committee under the Insolvency and Insolvency (Insolvency and Liquidation Procedures of Financial Service Providers and Application to Adjudicating Authority) Guidelines, 2019.
The advisory committee shall advise administrator Nageswara Rao Y in the operations of Reliance Capital Limited during the corporate insolvency resolution process.The members of the advisory panel are - Sanjeev Nautiyal (former deputy handling director of State Bank of India), Srinivasan Varadarajan (former deputy managing director of Axis Bank) and Praveen P Kadle, who is the former managing director and CEO of Tata Capital Limited.Reliance Capital owes its lenders over Rs 19,805 crore, majority of the quantity through bonds under the trustee Vistra ITCL India.