Mumbai : The Reserve Bank of India (RBI) has decided to retain the three member-Advisory Committee of Reliance Capital Ltd. The Advisory Committee shall advise the Administrator in the operations of RCL during the Corporate Insolvency Resolution Process.
“Upon admission of the petition for insolvency resolution process by the Mumbai Bench of the Hon’ble National Company Law Tribunal in respect of RCL vide order dated December 06, 2021, the Reserve Bank has decided that the three-member Committee shall continue as the Advisory Committee under Rule 5 (c) of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019. The Advisory Committee shall advise the Administrator in the operations of RCL during the Corporate Insolvency Resolution Process” RBI said.
It may be recalled that, in exercise of powers conferred under Section 45-IE (5) (a) of the RBI Act, 1934, the Reserve Bank had, on November 30, 2021, constituted a three-member Advisory Committee to assist Nageswara Rao Y, Administrator of Reliance Capital Ltd (RCL) in discharge of his duties.
The members of the Committee are Sanjeev Nautiyal, ex-DMD, State Bank of India, Srinivasan Varadarajan, ex-DMD, Axis Bank and Praveen P Kadle, ex-MD & CEO, Tata Capital Limited.