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Second blow for BoB as RBI rejects plan to send Anil Ambani firms to NCLT

An earlier Delhi HC order had stayed BoB and the entire consortium of lenders' move to classify these accounts as fraud, restraining them from taking any other coercive action till the next hearing

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The RBI rejection is a second blow to BoB - the lead bank of both companies -- after a Delhi High Court order on August 18 stayed a move by BoB

Dev Chatterjee Mumbai

3 min read Last Updated : Aug 30 2020 | 8:57 PM IST

The Reserve Bank of India (RBI) has rejected the move by Bank of Baroda (BOB) to send Anil Ambani group companies -- Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL) to the National Company Law Tribunal (NCLT) for debt resolution under Section 227 of the IBC.

According to a source, RBI is satisfied with the progress made by the lenders and by both companies towards successful resolution under its June 7 circular of last year.

BoB is the lead consortium of both companies and had sought RBI’s permission in May this year asking the regulator to send

Topics : Reserve Bank of India Anil Ambani Bank of Baroda

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