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NCLT bench to pronounce final order in Reliance Capital insolvency case today

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NCLT reserves order with reference to insolvency petition against Reliance Capital Ltd under Section 227 of Insolvency and Bankruptcy Code (IBC).

NCLT bench to pronounce final order in Reliance Capital insolvency case today
The National Company Law Tribunal (NCLT) is scheduled to pronounce the final order in Reliance Capital's insolvency case at 4:30 pm today. NCLT reserves order with reference to insolvency petition against Reliance Capital Ltd under Section 227 of Insolvency and Bankruptcy Code (IBC).
Reliance Capital counsel has said that the company is supportive of the insolvency application.
Last week, Reserve Bank of India (RBI) filed a plea before the Mumbai Bench of NCLT to initiate insolvency proceedings against Reliance Capital Ltd (RCL).
The central bank on November 29 had superseded the board of Reliance Capital Ltd, promoted by Anil Ambani's Reliance Group, in view of the defaults in meeting payment obligations.
The board has been superseded in view of the defaults by RCL in meeting the various payment obligations to its creditors and serious governance concerns which the Board has not been able to address effectively, the RBI said.
"... The Reserve Bank has superseded the Board of Directors of M/s Reliance Capital Ltd (RCL) in view of the defaults by RCL in meeting the various payment obligations to its creditors and serious governance concerns which the Board has not been able to address effectively," the central bank had said.
It has also appointed Nageswar Rao Y (ex-executive director, Bank of Maharashtra) as the administrator of the NBFC.
The company in a statement welcomed the RBI's move to resolve its debt under the Insolvency and Bankruptcy Code. "The Company will cooperate fully with the Administrator appointed by the RBI for the expeditious resolution of its debt in the best interests of all stakeholders," it said.
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