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The National Company Law Tribunal (NLCT) on Monday reserved its orders in a matter where the Reserve Bank of India (RBI) had moved the tribunal to initiate insolvency proceedings against involving Reliance Capital under Section 227 of Insolvency and Bankruptcy Code (IBC).
A bench presided over by Pradeep Narhari Deshmukh and Kapal Kumar Vohra will pronounce its order this evening. The RBI had moved NCLT last week to initiate insolvency proceedings against the company after it superseded the board and appointed an administrator, citing defaults and governance issues.
The company’s promoters have said that they support the application for insolvency. This is
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