The Reserve Bank of India's (RBI) decision to resolve the Company's debt in compliance with the IBC Code has been appreciated by Reliance Capital Limited. According to the statement, "the Company would fully cooperate with the Administrator designated by the RBI for the prompt resolution of its debt in the best interests of all stakeholders."
Despite the Company's best efforts for over two years, the complexity of litigation initiated by certain secured and unsecured lenders, resulting in the pendency of over 10 cases in various fora, including the Supreme Court, Mumbai High Court, Delhi High Court, and DRT, has effectively stalled the resolution of the Company's debt, the company said.
Through its 100% ownership of RGIC and 51% ownership of RNLIC (a joint venture with global leader Nippon Life Co. of Japan), the company owns profitable and valuable operating businesses that account for the majority of the company's value as a Core Investment Company (CIC), in addition to other financial investments.
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