Committee of Creditor of Reliance Capital holds its first meeting

The first meeting of the Committee of Creditors of Reliance Capital was duly convened and conducted on Wednesday, January 5, 2022 at 11:30 AM in Mumbai through audio-visual means, the company informed the exchanges.

At the meeting, the Administrator — Nageswara Rao Y — of the Reliance Capital appraised the Committee of Creditors about the status of corporate insolvency resolution process (CIRP) since the initiation, status of claims and composition of committee of creditors (CoC), appointment of advisors/valuers and transaction auditor etc. The administrator also informed the CoC various aspects relating to the CIRP process, going concern operations of the Company and the way forward in terms of the activities / milestones as stipulated under the Code.

Insolvency proceedings against Anil Ambani-owned Reliance Capital was initiated at the request of the Reserve Bank of India (Appropriate Regulator) under section 227 read with section 239(2)(zk) of the Insolvency and Bankruptcy Code, 2016 (Code) after the former defaulted on repayment of Rs 1,417 crore to Yes Bank.

There are many financial creditors to whom the Reliance Capital is liable to pay.

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