INSOLVENCY

About:

• The members of the Advisory Committee include Sanjeev Nautiyal, former Deputy MD, State Bank of India, Srinivasan Varadarajan, former Deputy MD, Axis Bank and Praveen P. Kadle, former MD and CEO, Tata Capital Ltd.
  
  
• The RBI had recently superseded the board of directors of Reliance Capital Ltd. (RCL), promoted by Anil Ambani’s Reliance Group and had appointed Nageswara Rao Y, former executive director, Bank of Maharashtra, as the Administrator.
  
  
• The central bank said it would shortly initiate the process of resolution of the company under the Insolvency and Bankruptcy Rules, 2019. Reserve Bank will also apply to the NCLT, Mumbai for appointing the Administrator as the Insolvency Resolution Professional.