RBI supersedes Reliance Capital board, to start resolution process

Reliance Capital, RBI, reserve bank of india, national company law tribunal, insolvency resolution professional

MUMBAI: The Reserve Bank of India (RBI) on Monday superseded the board of struggling

Reliance Capital

and decided to approach the National Company Law Tribunal to kickstart the resolution process.

The central bank’s move comes after Reliance Capital defaulted on multiple repayment obligations to its creditors and due to serious corporate governance issues found by the regulator.

RBI said that Nageswar Rao Y, former executive director at Bank of Maharashtra, will now act as the administrator of the non-bank lender, founded by Anil Dhirubhai Ambani.

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Reserve Bank will also apply to the NCLT, Mumbai for appointing the Administrator as the Insolvency Resolution Professional, the RBI circular said.

The crown jewel of Anil Dhirubhai Ambani Group, the non-bank lender fell onto hard times in the aftermath of the collapse of IL&FS in September 2018. Reliance Capital failed to payback debt and at the same time collect money from its borrowers in a vicious cycle that saw it sell-off several important subsidiaries, including Reliance Mutual Fund.

Recently, lenders of the company had hit roadblocks in selling its asset for recovery because of multiple pending litigations against the company and its promoter, a Business Standard report said.

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