NCLT admits Reserve Bank's plea for insolvency proceedings against Reliance Capital

Asia's Tech News Daily

reserve bank, nclt, vistra itcl india, srei group, reserve bank of india, reliance capital

The National Company Law Tribunal (NCLT) on Monday admitted the Reserve Bank‘s plea to initiate insolvency resolution proceedings against Reliance Capital. Last week, the Reserve Bank of India (RBI) filed an application for the initiation of the Corporate Insolvency Resolution Process (CIRP) against the company. The apex bank had superseded

Reliance Capital

‘s board, citing defaults and governance issues.

Earlier on Monday, the Mumbai bench of the NCLT comprising Pradeep Narhari Deshmukh and Kapal Kumar Vohra reserved the order. Later, the bench admitted the RBI’s application.

In a statement, the company’s promoters said it supports the RBI application of referring the company to the NCLT under section 227 for the fast track resolution.

Section 227 of the Insolvency and Bankruptcy Code (IBC) enables the government to notify, in consultation with the financial sector regulators, Financial Service Providers or categories of FSPs for the purpose of insolvency and liquidation proceedings.

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, the company said in the statement.

Reliance Capital owes its creditors over Rs 19,805 crore, majority of the amount through bonds under the trustee Vistra ITCL India.

The company is the third NBFC to go for resolution under the IBC after Dewan Housing Finance (DHFL) and Kolkata-based Srei Group.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

3 Sales & Earnings Growth Winners

With thousands of companies about to report their quarterly results as a new earnings season begins, let’s take a look at the Sales & Earnings Growth Winners screen. It starts ... Read more »

DuPont de Nemours (DD) Outpaces Stock Market Gains: What You Should Know

DuPont de Nemours (DD) closed the most recent trading day at $84.97, moving +1.14% from the previous trading session. This move outpaced the S&P 500’s daily gain of 0.08%. Meanwhile, ... Read more »

The Andersons (ANDE) Stock Sinks As Market Gains: What You Should Know

The Andersons (ANDE) closed the most recent trading day at $39.28, moving -0.51% from the previous trading session. This move lagged the S&P 500’s daily gain of 0.08%. Meanwhile, the ... Read more »

Ally Financial (ALLY) Stock Sinks As Market Gains: What You Should Know

Ally Financial (ALLY) closed at $52.64 in the latest trading session, marking a -0.23% move from the prior day. This change lagged the S&P 500’s daily gain of 0.08%. At ... Read more »

New Residential Investment (NRZ) Stock Sinks As Market Gains: What You Should Know

New Residential Investment (NRZ) closed the most recent trading day at $11.14, moving -0.18% from the previous trading session. This change lagged the S&P 500’s 0.08% gain on the day. ... Read more »

Toyota Motor Corporation (TM) Stock Sinks As Market Gains: What You Should Know

Toyota Motor Corporation (TM) closed the most recent trading day at $210.69, moving -0.32% from the previous trading session. This change lagged the S&P 500’s 0.08% gain on the day. ... Read more »

Maruti Suzuki launches CNG variant of all-new Celerio

India’s largest carmaker Maruti Suzuki has launched the CNG variant of the all-new Celerio. The all-new Celerio was launched last year in November. The new CNG variant called Celerio VXi ... Read more »

Records show Bihar doctor took 5 COVID-19 vaccine shots, probe ordered

Representative image The Bihar government has ordered an investigation after records showed that a Patna-based civil surgeon was administered five shots of the COVID-19 vaccine. The civil surgeon, Dr Vibha ... Read more »

PM Modi is incarnation of God like Lord Ram and Lord Krishna born to end despair: MP minister

PM Narendra Modi (File image) Madhya Pradesh Agriculture Minister and BJP leader Kamal Patel termed Prime Minister Narendra Modi an “incarnation of God”, saying he was born to end the ... Read more »

Omicron wave might be over as quickly as it began, says new report

According to a new report from SBI, India’s Omicron wave may hit its peak in the next couple of weeks as cities deal better with the outbreak. With Mumbai already ... Read more »

Zomato delivery boy shot dead in Rewari

A delivery boy of online food delivery platform Zomato was shot dead in Rewari when he went to serve an order in Ansal township in Sector 19. His mobile and ... Read more »

GlaxoSmithKline share price up, Unilever down: here's why I'd buy both

Trader on video call from his home office I don’t own shares in GlaxoSmithKline (LSE: GSK) or Unilever (LSE: ULVR), but my reasons for wanting to buy them have grown ... Read more »

Axis Bank closing in on Citi India's consumer business: Sources

Axis Bank has emerged as the frontrunner to buy Citi’s consumer business in India, which is being valued at around $1.5 billion in a planned deal that’s likely to happen ... Read more »

Dixon Tech enters into JV with makers of boAt brand Imagine Marketing

Homegrown contract manufacturer Dixon has entered into an equal joint venture with makers of boAt brand of electronics, Imagine Marketing, to undertake design and manufacturing of wireless audio solutions in ... Read more »

RBI imposes monetary penalty on The Co-operative Bank of Rajkot

The Reserve Bank of India (RBI) on January 17 imposed a monetary penalty of Rs 4 lakh on The Co-operative Bank of Rajkot, Gujarat for violation of certain norms. This action ... Read more »

ED raids Punjab CM Charanjit Singh Channi's nephew Honey's residence

Punjab Chief Minister Charanjit Singh Channi (File image) The Electorate Directorate (ED) on January 18 morning raided at residence of Punjab Chief Minister Charanjit Singh Channi’s nephew Bhupinder Singh Honey ... Read more »

Angel One gains around 5% as cons net profit jumps 125%

NEW DELHI – Shares of Angel One added around 5% in early trade Tuesday as the brokerage firm reported a 125 per cent year-on-year growth in consolidated net profit for ... Read more »

Tatva Chintan Pharma shares tumble 9% post Dec quarter earnings

New Delhi: Shares of Tatva Chintan Pharma Chem dropped 9 per cent in Tuesday’s trade following a weak operating performance in the quarter ended December 31, 2021. The company reported ... Read more »

Budget 2022 | Finance Ministry plans $19-billion fertiliser subsidy: Report

Farmers form one of India’s most influential voting blocs and Modi’s decision to scrap the laws came ahead of elections early next year in key states like Uttar Pradesh and ... Read more »

S. Korea's instant meals market skyrockets 145% over 4 years

(Yonhap)The South Korean market of instant meals jumped more than 145 pct in 2020 from four years earlier on the increased number of convenience stores and the coronavirus pandemic, data ... Read more »

Won's steep descent caused by high commodity prices, reliance on China, foreigners' selloff

SEOUL, Jan. 18 (Yonhap) — South Korea’s currency has depreciated against the U.S. dollar more steeply than other currencies due to soaring prices of raw materials, the country’s heavy dependence ... Read more »

HFCL plunges 9% on falls in Q3 profit, margin pressure

NEW DELHI: Shares of HFCL plummeted 9.3 per cent in early trade on Tuesday as the domestic telecom gear maker posted 4.7 per cent decline in consolidated profit to Rs ... Read more »

Active COVID-19 cases in country highest in 230 days

With 2,38,018 new coronavirus infections being reported in a day, India’s total tally of COVID-19 cases rose to 3,76,18,271, which includes 8,891 cases of the Omicron variant, according to the ... Read more »

Sensex, Nifty slip after firm start; Prestige Estates surges 8%, UltraTech Cement drops 3%

The benchmark indices opened higher on Tuesday but soon slipped into the red, led by selling in shares of Maruti Suzuki, Reliance Industries and UltraTech Cement , among others. Less-than-expected ... Read more »

Prestige Estates zooms 8% on record sales bookings in Q3

NEW DELHI – Shares of Prestige Estates surged 8.3 per cent in early trade on Tuesday as the realty firm reported over two-fold jump in sales bookings at record Rs ... Read more »

Who is Antonio Horta-Osorio, the ex Lloyds chief ousted from Credit Suisse over Covid rules

(Daniel Hambury/@stellapicsltd) Antonio Horta-Osorio, the former boss of Lloyds Banking Group, has made headlines after allegedly breaking coronavirus restrictions and subsequently resigning as chairman of Swiss bank Credit Suisse. Sir ... Read more »

Allowing illegally-intercepted telephonic conversations as evidence violation of fundamental rights: Delhi HC

The single-judge said that the statement of the accused is also inadmissible as it was taken without sanction from the appropriate authority [Representative image] The Delhi High Court, on January ... Read more »

MC Election Update January 18: Modi to interact with BJP workers virtually; AAP to name Punjab CM candidate

Representative image. (Source: Shutterstock) UP Assembly Elections 2022 | PM Modi to address BJP workers in Varanasi  Prime minister Narendra Modi will be interacting with the Bharatiya Janata Party (BJP) workers ... Read more »

What foreign brokers said on RIL, Devyani, Maruti & Apollo Hospitals

NEW DELHI: Foreign brokerage firm CLSA has initiated coverage on Devyani International with an ‘outperform’ rating and has maintained its ‘outperform’ rating on Reliance Industries (RIL). Goldman Sachs has maintained ... Read more »

23 shippers fined W96.2b for collusion on freight rates

(HMM)South Korea’s antitrust regulator said Tuesday it has decided to impose a combined fine of 96.2 billion won ($80.7 million) in fines on 23 Korean and foreign shippers for their ... Read more »

Republic Day 2022: Multi-layer security cover with facial recognition system installed in Delhi

New Delhi: Security personnel stand guard at the Rajpath which is decked up for the Republic Day Parade, in New Delhi, Saturday, Jan. 25, 2020. India is celebrating its 71st ... Read more »

Rio Tinto says output from $2.4 billion Serbia lithium project to be delayed

The Rio Tinto mine in Boron, California (Reuters) – Rio Tinto on Tuesday pushed back its timeline by a year to 2027 for first saleable production at its $2.4 billion ... Read more »

‘People are spooked': Australia's January consumer confidence sinks to three-decade low over Omicron

Photograph: Bianca de Marchi/AAP As Covid cases surge Australians are avoiding spending, despite 2021 ending on an economic high Get our free news app; get our morning email briefing Australia’s ... Read more »

Multi-layer security cover with facial recognition systems in place for Republic Day celebration

After the improvised explosive device (IED) was found at Ghazipur Flower Market ahead of the Republic Day and later diffused, the Delhi Police have fortified areas in and around Rajpath ... Read more »

Asian shares tick higher as spotlight stays on Fed

MELBOURNE: Asia’s share markets were mostly higher on Tuesday even as global investor attention remains fixed on the prospect of U.S interest rate hikes in the next few months, after ... Read more »

This is the best time to invest in India: PM to investors at Davos

Prime Minister Narendra Modi said this is the best time to invest in India, emphasising that the country’s commitment to deep economic reforms, among other factors, makes it the most ... Read more »

Punjab Election 2022: AAP to announce chief minister candidate today at noon

Kejriwal, while discussing tie-ups in Goa, said the AAP would think of forming a post-poll coalition with a non-BJP party if it fails to secure a majority in the upcoming ... Read more »

Stocks in the news: Bajaj Finance, Tech Mahindra, Paytm, HFCL and Tata Power

Nifty futures on the Singapore Exchange traded only 6 points, or 0.03 per cent higher at 18,344, signaling that Dalal Street was headed for a flat start on Tuesday. Here ... Read more »

Govt extends Shipping Corporation's bid deadline indefinitely

The government has extended indefinitely the cut-off date for submission of bids for its stake in Shipping Corporation of India (SCI), according to multiple people aware of the matter. The ... Read more »

Earthquake of magnitude 4.9 hits Arunachal Pradesh's Basar

An earthquake of magnitude 4.9 on the richer scale jolted Basar in Arunachal Pradesh in the early hours of Tuesday, said the National Center for Seismology (NCS). According to NCS, ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic