Reserve Bank of India (RBI) on Tuesday said that it has retained the three-member advisory committee to help the recently appointed administrator of Reliance Capital Limited (RCL).
The central bank's announcement came a day after the Mumbai bench of National Company Law Tribunal (NCLT) admitted its petition for initiating insolvency resolution proceedings against Reliance Capital.
Last month, the RBI had superseded Reliance Capital's board, citing defaults and governance issues.
After the admission of the petition, the RBI said it has decided that "the three-member committee shall continue as the Advisory Committee" under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019.
The advisory committee shall advise administrator Nageswara Rao Y in the operations of Reliance Capital Limited during the corporate insolvency resolution process.
The members of the advisory panel are - Sanjeev Nautiyal (former deputy managing director of State Bank of India), Srinivasan Varadarajan (former deputy managing director of Axis Bank) and Praveen P Kadle, who is the former managing director and CEO of Tata Capital Limited.
Reliance Capital owes its creditors over Rs 19,805 crore, majority of the amount through bonds under the trustee Vistra ITCL India.