Reliance Capital exits insolvency as IndusInd-backed resolution plan gets final approvals

Reliance Capital Limited (RCL) has successfully exited insolvency after the implementation of its approved resolution plan, making it the first Non-Banking Financial Company-Core Investment Company (NBFC-CIC) to complete resolution under the Insolvency and Bankruptcy Code (IBC). The Reserve Bank of India (RBI) had superseded the company’s board and appointed Nageswara Rao Y as the administrator…

ACME Cleantech buys another Anil Ambani-promoted company

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by Manoj Kumar Upadhyay of ACME Cleantech for erstwhile Anil Ambani-promoted Reliance Infrastructure Consulting & Engineers Private Limited (Corporate Debtor). The Rs 1.05-crore plan, which was unanimously approved by the Committee of Creditors (CoC), aims to resolve the corporate…