NCLT allows RBI's plea for bankruptcy proceedings against Reliance Capital

The Mumbai bench of National Company Law Tribunal (NLCT) on Monday admitted the petition moved by the Reserve Bank of India (RBI) to initiate insolvency proceedings against Reliance Capital under Section 227 of the Insolvency and Bankruptcy Code (IBC).

The bankruptcy tribunal has also confirmed the appointment of Y Nageswar Rao as the administrator of the company. Earlier in the day, the bench presided over by Pradeep Narhari Deshmukh and Kapal Kumar Vohra had reserved their order in the matter after hearing the case.

The RBI had moved the Mumbai bench of NCLT last week to initiate insolvency proceedings against