The Reserve Financial institution of India (RBI) stated in an announcement on Tuesday that it has retained an advisory committee appointed to help the administrator of Reliance Capital Ltd.
“It could be recalled that, in train of the powers conferred beneath Part 45-IE(5)(a) of the RBI Act, 1934, the Reserve Financial institution constituted a three-member Advisory Committee on November 30, 2021. Help Nageswara Rao Y, Administrator, Reliance Capital Restricted (RCL) within the discharge of his duties,” the central financial institution stated within the press notice.
Committee members Sanjeev Nautiyal, ex-DMD, State Financial institution of India, Srinivasan Varadarajan, ex-DMD, Axis Financial institution and Praveen P Kadle, ex-MD and CEO, Tata Capital Ltd, RBI stated on November 30.
“On the acceptance of the petition for insolvency decision course of in respect of RCL by the Hon’ble Nationwide Firm Regulation Tribunal’s Mumbai Bench vide order dated December 06, 2021, the Reserve Financial institution has determined that the above three-member committee shall proceed. As an advisory committee beneath Rule 5(c) of the Chapter (Insolvency and Liquidation Proceedings of Monetary Service Suppliers and Software to Adjudicating Authority) Guidelines, 2019,” the RBI stated.
The Advisory Committee will advise the Administrator within the conduct of RCL through the Company Insolvency Decision course of.