Latest News | Bids Invited Bids for Resolution of Reliance Capital

New Delhi, Feb 18 (PTI) As part of the resolution process, the RBI-appointed administrator on Friday invited expressions of interest (EoIs) for sale of debt-ridden Reliance Capital promoted by Anil Ambani Group.

The RBI had on November 29 last year superseded the board of Reliance Capital Ltd (RCL) in view of payment defaults and serious governance issues.

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It subsequently filed an application for initiation of Corporate Insolvency Resolution Process (CIRP) against the company at the Mumbai bench of the National Company Law Tribunal (NCLT).

Last date for receipt of EoI is March 11 and the last date for submission of resolution plans is April 20, 2022, Reliance Capital said in regulatory filing.

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The RBI had appointed Nageswara Rao Y as the administrator in relation to the CIRP of the corporate debtor, it said, adding after due consultations with and approval of the Committee of Creditors (CoC), bids are invited for submission of resolution plans.

This is the third large NBFC against which the central bank has initiated bankruptcy proceedings under the Insolvency and Bankruptcy Code (IBC) recently.

The other two were Srei Group NBFCs and Dewan Housing Finance Corporation (DHFL).

In September, Reliance Capital in its annual general meeting (AGM) had informed shareholders that the company's consolidated debt was Rs 40,000 crore.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)