NCLT reserves order on RBI's plea to commence insolvency against Reliance Capital

The National Company Law Tribunal (NCLT) has reserved its order on a plea filed by the Reserve Bank of India (RBI) against Reliance Capital Ltd (RCL) for the initiation of the Corporate Insolvency Resolution Process (CIRP). Reliance Capital is the holding company for majority stakes held in insurance firms, an asset reconstruction company, a brokerage firm and a partial stake in a commodity exchange. It controls a 100% stake in Reliance General Insurance, its broking arm Reliance Securities and RBI-registered NBFC Reliance Financial Ltd which is engaged in capital market-linked financing activities. RCL owes its creditors INR 19,805 crore, a majority of it through bonds under the trustee Vistra ITCL India Ltd.