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The Reserve Bank of India (RBI) had superseded the company’s board and appointed Nageswara Rao Y as the administrator under Section 45-IA of the RBI Act, 1935.
Following this, the National Company Law Tribunal (NCLT), Mumbai Bench, admitted the corporate insolvency resolution process (CIRP) application on December 6, 2021, officially placing Reliance Capital under resolution.
The resolution plan, submitted by IndusInd International Holdings Limited, was…
