RBI moves NCLT Mumbai for bankruptcy proceedings against Reliance Capital

In a statement on its website, RBI said there would be an interim moratorium on and from the filing of the application till its admission or rejection by the NCLT

The Reserve Bank of India (RBI) on Thursday moved Mumbai bench of National Company Law Tribunal (NCLT) for the insolvency and bankruptcy proceeding of Reliance Capital.

The central bank had superseded the board of the company on Monday, citing defaults and governance issues. The RBI appointed former executive director of Bank of Maharashtra Y Nageswar Rao as the administrator and gave him an advisory board to discharge his duty.

In a statement on its website, the RBI said there would be an interim moratorium on and from the filing of the application till its admission or rejection by the NCLT.