The National Company Law Tribunal (NCLT) has granted approval to the resolution plan for Reliance Communications Infrastructure Limited (RCIL), a subsidiary of the insolvent Reliance Communications Limited. The endorsed plan was submitted by Reliance Projects and Property Management Services Limited, selected by the Committee of Creditors during their meeting on August 5, 2021. Subsequently, the resolution professional of RCIL filed
Reliance Innoventures, an enterprise owned by Anil Ambani, has been admitted for insolvency proceedings by the National Company Law Tribunal (NCLT) following a claim made by JC Flowers Asset Reconstruction Company. JC Flowers, which took over Yes Bank’s bad loan portfolio of ₹48,000 crore, alleged that Reliance Innoventures had defaulted on its debts, specifically defaulting on interest payments amounting to
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
Due to a tepid response from bidders for the acquisition of debt-laden Reliance Capital, the company’s lenders on Sunday decided to extend the timeline for the resolution process by another two months ending November 2, 2022. This would be the second extension by the Committee of Creditors (CoC) for the Anil Ambani-backed company’s resolution. Earlier, the creditors extended the timeline
Reliance Industries stated that it has received necessary approval from the National Company Law Tribunal for its plans to repurpose and restructure its gasification assets. The company received approval from both NCLT Mumbai bench and Ahmedabad bench for the scheme. Both NCLT Mumbai and Ahmedabad benches approved the scheme on March 30,2022. Appointed date of the scheme is March 31.
The National Company Law Tribunal (NCLT) MUMBAI has allowed Reliance Industries to withdraw its proposal to demerge its oil-to-chemicals (O2C) business, which effectively rings down the curtain on a two-year-old saga surrounding the Mukesh Ambani-owned. company’s relentless pursuit of an investment deal with Aramco of Saudi Arabia. The Ambanis have been in negotiations with Aramco since the middle of 2019
The National Company Law Tribunal (NCLT) allowed Reliance Retail Ventures Ltd (RRVL) and Reliance Retail & Fashion Lifestyles Ltd (RRFLL) to hold extraordinary general meetings (EGMs) of their shareholders and creditors to acquire Future Group’s businesses. The NCLT said the objections raised by American retail giant Amazon were premature and could be dealt with later. On September 28, the NCLT
