ADVERTISEMENT

RBI moves NCLT seeking insolvency process against DHFL

RBI moves NCLT seeking insolvency process against DHFL

Published
Hot News
1 min read
Reserve Bank of India (RBI). (File Photo: IANS)
Reserve Bank Of India
Reserve Bank Of India
Mumbai, Nov 29 (IANS) The RBI on Friday filed an application in the National Company Law Tribunal's Mumbai bench for initiation of corporate insolvency resolution process against the cash-strapped Dewan Housing Finance Corporation Ltd (DHFL).
There would be a debt moratorium on DHFL as long as the insolvency process undergoes, an Reserve Bank of India (RBI) statement said.
The apex bank filed the application for initiation of corporate insolvency resolution process against DHFL under several clauses of Section 227 and Section 239 of the Insolvency and Bankruptcy Code, 2016 along with few rules under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers) Rules, according to the statement.
The move comes a week after the RBI appointed an advisory committee to advise the administrator of the private sector DHFL. On November 20, it had superseded DHFL's board of directors and appointed R. Subramaniakumar as its administrator.
--IANS
rrb/vd

(This story was auto-published from a syndicated feed. No part of the story has been edited by The Quint.)

(The Quint is available on Telegram. For handpicked stories every day, subscribe to us on Telegram)

We'll get through this! Meanwhile, here's all you need to know about the Coronavirus outbreak to keep yourself safe, informed, and updated.

Liked this story? We'll send you more. Subscribe to The Quint's newsletter and get selected stories delivered to your inbox every day. Click to get started.

The Quint is available on Telegram & WhatsApp too, click to join.

ADVERTISEMENT
ADVERTISEMENT
Stay Updated

Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.

Join over 120,000 subscribers!
ADVERTISEMENT