The Reserve Bank of India (RBI), as the Appropriate Regulator, filed an application under Section 227 read with Section 239(2)(zk) of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Reliance Capital Limited (RCL), a Financial Service Provider (FSP). The application was based on RCL's defaults in meeting its payment obligations to creditors. The RBI had superseded the Board of Directors of RCL on 29.11.2021, exercising powers under Section 45-IE (1) of the Reserve Bank of India Act, 1934, and appointed Mr. Nageswara Rao Y as the Administrator.
The Reserve Bank of India (RBI) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Reliance Capital Limited (RCL), a Financial Service Provider (FSP), due to defaults in payment obligations. RBI superseded RCL's Board of Directors on 2021-11-29 under Section 45-IE (1) of the Reserve Bank of India Act, 1934. Yes Bank Limited (YBL) informed RBI on 2021-12-02 about defaults amounting to Rs 1417,80,51,298, including principal and interest on secured non-convertible debentures (NCDs). The default date was stated as 2019-10-13. RBI appointed Mr. Nageswara Rao Y as the Administrator. The total debt exceeded the minimum limit of Rupees one crore under Section 4 of the Code. The petition was filed on 2021-12-02. RCL's account was classified as a
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Reference to the Reserve Bank of India Act,…
Reference to the Insolvency and Bankruptcy…
The Reserve Bank of India (RBI), as the Appropriate Regulator, filed an application under Section 227 read with Section 239(2)(zk) of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Reliance Capital Limited (RCL), a Financial Service Provider (FSP). The application was based on RCL's defaults in meeting its payment obligations to creditors. The RBI had superseded the Board of Directors of RCL on 29.11.2021, exercising powers under Section 45-IE (1) of the Reserve Bank of India Act, 1934, and appointed Mr. Nageswara Rao Y as the Administrator.
The Reserve Bank of India (RBI) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Reliance Capital Limited (RCL), a Financial Service Provider (FSP), due to defaults in payment obligations. RBI superseded RCL's Board of Directors on 2021-11-29 under Section 45-IE (1) of the Reserve Bank of India Act, 1934. Yes Bank Limited (YBL) informed RBI on 2021-12-02 about defaults amounting to Rs 1417,80,51,298, including principal and interest on secured non-convertible debentures (NCDs). The default date was stated as 2019-10-13. RBI appointed Mr. Nageswara Rao Y as the Administrator. The total debt exceeded the minimum limit of Rupees one crore under Section 4 of the Code. The petition was filed on 2021-12-02. RCL's account was classified as a
…Reference to the Reserve Bank of India Act,…
Reference to the Insolvency and Bankruptcy…