Reserve Bank of India retains the Advisory Committee of Reliance Capital Ltd.

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 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, 2019. The Advisory Committee shall advise the Administrator in the operations of RCL during the Corporate Insolvency Resolution Process.

Directions under Section 35 A read with section 56 of the Banking Regulation Act (As Applicable to Co-operative Societies), 1949 – Nagar Urban Co-operative Bank Ltd., Ahmednagar, Maharashtra – RBI Press Release

Directions under Section 35 A read with section 56 of the Banking Regulation Act (As Applicable to Co-operative Societies), 1949 – Nagar Urban Co-operative Bank Ltd., Ahmednagar, Maharashtra It is hereby notified for information of the public that in exercise…

Application for initiation of CIRP against Reliance Capital Ltd. filed under the Insolvency and Bankruptcy Code, 2016

The Reserve Bank has today (December 02, 2021) filed an application for initiation of CIRP against Reliance Capital Ltd., under Section 227 read with clause (zk) of sub-section (2) of Section 239 of the Insolvency and Bankruptcy Code (IBC), 2016 read with Rules 5 and 6 of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudication Authority) Rules, 2019 (“FSP Insolvency Rules”) at the Mumbai Bench of the Hon’ble National Company Law Tribunal.

RBI appoints an Advisory Committee to advise the Administrator of M/s Reliance Capital Ltd

The Reserve Bank of India, on November 29, 2021 has superseded the board of directors of Reliance Capital Ltd. and appointed Shri Nageswara Rao Y, ex-Executive Director, Bank of Maharashtra, as the Administrator. In exercise of powers conferred under section 45-IE (5) (a) of the RBI Act 1934, the Reserve Bank has constituted a three-member Advisory Committee to assist the Administrator in discharge of his duties. The members of the Advisory Committee are as follows:

Clarification regarding requirement of seeking No Objection Certificate or No Dues Certificate from the Income Tax Department during Voluntary Liquidation Process under the Insolvency and Bankruptcy Code, 2016 – IBBI Circular – IBBI/LIQ/45/2021 dated 15.11.2021

It is clarified that as per the provisions of the Code and the Regulations read with Section 178 of the Income-tax Act, 1961, an Insolvency Professional handling voluntary liquidation process is not required to seek any NOC/NDC from the Income Tax Department as part of compliance in the said process.

Draft Mediation Bill, 2021

A draft bill with the objective to promote, encourage and facilitate mediation especially institutional mediation for resolution of disputes commercial and otherwise, enforce domestic and international mediation settlement agreements, provide for a body for registration of mediators, to encourage community mediation and to make online mediation as an acceptable and cost effective process and for matters connected therewith or incidental thereto has been prepared.

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