Latest News | Reliance Capital Asks Creditors to Submit Claims

New Delhi, Dec 8 (PTI) Reliance Capital on Wednesday asked the creditors of the company to submit their claims with proof by December 20 following initiation of corporate insolvency process against the firm.

In an order dated December 6, 2021 of the National Company Law Tribunal, Mumbai (NCLT), corporate insolvency resolution process has been initiated against Reliance Capital as per the provisions of the Insolvency and Bankruptcy Code (IBC), 2016.

Also Read | Weather Forecast: Dense Fog Likely in Isolated Pockets Over Northeast India During Next 2 Days, Says IMD.

In this connection, the company made a public announcement on creditors' claims.

"Creditors of the company may submit their claims with proof on or before December 20, 2021 to the administrator at the address specified in the announcement.

Also Read | Omicron Will Cause COVID-19 Third Wave in India, but Not As Devastating as in Other Countries, Says Dr Padmanabha Shenoy of CARE Hospital.

"Financial creditors may submit their claims with proof with electronic means only. Other creditors may submit their claims with proof in person by post or by electronic means," Reliance Capital said in a regulatory filing.

Last month, the Reserve Bank had superseded Reliance Capital's board, citing defaults and governance issues.

The company's promoters have supported the RBI application of referring it to the NCLT under section 227 for fast-track resolution.

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.

Stock of the company closed 4.96 per cent down at Rs 13.40 apiece on BSE on Wednesday.

(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)