RBI Retains Advisory Committee of Reliance Capital Ltd for Insolvency Resolution Process

The Reserve Bank established a three-member Advisory Committee on November 30, 2021, in exercise of powers provided under Section 45-IE (5) (a) of the RBI Act, 1934, to assist Shri Nageswara Rao Y, Administrator of Reliance Capital Ltd (RCL), in the discharge of his duties. The Committee is made up of the following individuals:

1. Shri Sanjeev Nautiyal, ex-DMD, State Bank of India

2. Shri Srinivasan Varadarajan, ex-DMD, Axis Bank

3. Shri Praveen P Kadle, ex-MD & CEO, Tata Capital Limited

The Reserve Bank has decided that the above mentioned 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, 2021, following the admission of the petition for insolvency resolution process in respect of RCL by the Mumbai Bench of the Hon’ble National Company Law Tribunal vide order dated December 06, 2021. During the Corporate Insolvency Resolution Process, the Advisory Committee will advise the Administrator on RCL’s operations.