 "Bond holders clear RCap subsidiary Reliance Commercial's revival plan")
Authum Investment and Infrastructure’s resolution plan for Reliance Commercial Finance has been voted with an overwhelming majority of over 99 per cent by its debenture holders. RCFL is a subsidiary of Reliance Capital, which is facing bankruptcy proceedings in the NCLT Mumbai following an application by the RBI.
The plan was earlier approved by the ICA (inter creditors agreement) lenders on July 15 and was subject to approval by non-ICA lenders. The delay was on account of Sebi's recent circular on voting by debenture holders. RCFL owes Rs 9,000 crore to its lenders.
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