Reserve Bank of India (RBI) has maintained an appointed advisory committee to help the administrator of the capital reliance, the central bank said in a statement.

On November 30, RBI said it has pointed to a panel consisting of former Indian Bank DMD Sanjeev Nutiyal, the former axis of the Bank DMD Srinivasan Varadarajan, and former MD and CEO of Capital Praveen P Kadle, to notify the Anil Administrator Ambani – Financial Services Company Controlled Controlled.

Development has come a day after RBI replaces the Board of Directors of Reliance Capital Ltd and appoints Nageswara Rao Y, former Executive Director of the Bank of Maharashtra, as an administrator.

“After entering the petition for the process of completing the bankruptcy by the Mumbai bench from the National Law law law in connection with RCL Vide Order on December 6, 2021 has decided that the three member committees will continue as an advisory committee,” RBI said in a statement.

RBI replaces the Reliance Capital Board following the default by the company in meeting various payment obligations and quotes governance problems.

“Today’s reserve bank replaces the Reliance Capital Board of Directors (RCL) in the default view by RCL in meeting various payment obligations to creditors and serious governance issues that cannot be handled by the council effectively,” RBI said on November 29.

Then on December 2, RBI said it had submitted an application with the National Law of Tribunal (NCLT) for the initiation of the bankruptcy process against Reliance Capital. NCLT has recognized this application.

Reliance Capital has default on interest payments on loans worth RS 624 Crore withdrawn from Housing Development Finance Corporation (HDFC) and Axis Bank, Paid Information Companies on November 27, 2020. The company has default at Rs 4.77 Crore to HDFC and Rs 0.71 Crore to Axis Bank in terms of interest payments on October 31.

The capital reliance borrows a loan term of HDFC for a period of six months to seven years at 10.6-13 percent and from Axis Bank at 3-7 years to 8.25 percent.

In the clarification of the stock exchange, the company said it could not continue the monetization of assets due to the company’s prohibition to dispose of any assets after the court order. Therefore, debt service delays, he said.

In April 2021, the company said it failed to make interest payments for the Non-Convertible Debentures (NCDS) due on April 22, 2021. Previously he was in the process of fulfilling its obligations by monetizing the deadline for consciousness with Debenture (Vistra) supervisors and debt holders.

The Debenture Holder Committee has searched for interest (eoi) for the submission of an asset monetization plan for certain subsidiaries / company investment, “he said last year. Invitation to EOLI was issued on October 31, 2020.

Although the company received several EOI, the sales process initiated by lenders was postponed because litigation across the court. The Reliance Capital Board includes Anil Ambani, Rahul Sarin, Chhaya Virani, Thomas Mathew, a Setsuraman and Dhanjay Tiwari, according to the company website.