Reliance Capital to go bankrupt, RBI begins process

New Delhi: Anil Ambani's days are not going well in terms of business these days. The Reserve Bank of India (RBI) has initiated the process to declare reliance capital limited, a debt-ridden company of reliance group led by him, as diwali. The Reserve Bank has sought permission from the National Company Law Tribunal NCLT for the same.

RBI on Thursday said it has filed an application before the Mumbai bench of NCLT to declare Reliance Capital Limited (RCL) bankrupt for initiating CIRP under several different sections of the Insolvency and Bankruptcy Code IBC. It may be recalled that reliance capital will be granted an interim stay after the application of the RBI filed with the NCLT. The borrower company will then not be able to transfer or sell any of its assets.

Reliance Capital had told the shareholder at the annual general meeting in September last year that the company has an integrated loan of Rs 40,000 crore. According to the information, the company suffered an integrated loss of Rs 1,156 crore in the second quarter of the current financial year. 6,001 crore. 9,287 crore and total revenue of Rs.19,308 crore in the financial year 2020-21.

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