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Reliance Capital welcomes RBI move to resolve company's debt in accordance with IBC Code
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SME Times News Bureau
Reliance Capital Limited has welcomed the Reserve Bank of India's (RBI)
move to resolve the Company's debt in accordance with the IBC Code.
The
Company will cooperate fully with the Administrator appointed by the
RBI for the expeditious resolution of its debt in the best interests of
all stakeholders, statement said.
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, despite its best efforts for the past
over 2 years, the company said.
The company owns profitable and
valuable operating businesses, through its 100 per cent shareholding in
RGIC and 51 per cent shareholding in RNLIC (a JV with global leader,
Nippon Life Co. of Japan), which represent the majority of the value of
the Company being a Core Investment Company (CIC), besides other
financial investments.
The Company has no outstanding loans from banks and approx 95 per cent of its debt is in the form of debentures.
The
Company looks forward to expeditious resolution of its debt and
continuation as a well capitalised going concern through the IBC
process, in the overall interests of all its stakeholders, including
lenders, customers, employees and shareholders.
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