Reliance Capital (RCap) has postponed its second auction to April 11, 2023, following the confirmation of three suitors for participation, including IndusInd International Holdings Ltd (IIHL) of the Hinduja Group, Torrent Investment, and Singapore-based Oaktree. The lenders of RCap had initially set April 4 as the date for the second auction, but the date was rescheduled after the additional bidders
A plea filed by Adisri Commercial, the erstwhile promoter company of Srei Infrastructure Finance (SIFL), requesting the National Company Law Tribunal (NCLT) to set aside its order for initiating insolvency proceedings against SIFL and its subsidiary Srei Equipment Finance (SEFL) has been deemed not maintainable by the RBI-appointed administrator. The solicitor general Tushar Mehta argued that the plea was not
The Administrator of two insolvent Srei companies has obtained the Reserve Bank of India’s approval for the National Asset Reconstruction Company (NARCL) as a ‘fit and proper’ state-backed company. Rajneesh Sharma, the administrator, has submitted the resolution plan to the Kolkata bench of the National Company Law Tribunal (NCLT) for its approval. The consolidated committee of creditors (CoC) for the
The Reserve Bank of India (RBI) moved Mumbai bench of National Company Law Tribunal (NCLT) forthe insolvency and bankruptcy proceeding of Reliance Capital. The RBI appointed former executive director of Bank of Maharashtra Y Nageswar Rao as theadministrator and gave him an advisory board to discharge his duty. In a statement on its website, the RBI said there would be
