RBI initiates insolvency proceedings against Reliance Cap at NCLT, Mumbai

RBI, which superseded the Reliance Capital board on Monday, filed an applicated at NCLT, Mumbai

Reserve Bank of India on Thursday filed an application for initiating insolvency proceedings against Reliance Capital at the Mumbai bench of the National Company Law Tribunal.

The RBI on Monday superseded the board of Reliance Capital Ltd (RCL), promoted by Anil Ambani's Reliance Group, in view of the defaults in meeting payment obligations.

The RBI said the board has been superseded "in view of the defaults by RCL in meeting the various payment obligations to its creditors and serious governance concerns which the Board has not been able to address effectively".

It has also appointed Nageswar Rao Y (Ex-Executive Director,