CoC approves 90-day extension for Reliance Capital resolution process

The Committee of Creditors (COC) of Reliance Capital has approved a 90-day extension for the completion of debt resolution process of the bankrupt company. The current deadline ends on January 31 and CoC is seeking an extension till April-end. 

With this, the banks will not be able to book any gains in the March quarter. The Reliance Capital Administrator plans to file an application for deadline extension in the NCLT Mumbai on Monday.

Reliance Capital was sent for debt resolution in November 2021 after it defaulted to loans worth Rs 24,000 crore.