NCLT directs RBI, DIPP to expedite approvals for implementation of RCap resolution plan

The National Company Law Tribunal (NCLT) has directed the Reserve Bank of India (RBI) and the Department for Promotion of Industry and Internal Trade (DIPP) to expedite approvals for the implementation of the Reliance Capital (RCAP) resolution plan. This directive comes as part of the ongoing insolvency proceedings, where timely approval is crucial for the successful resolution of the company. The NCLT's order emphasizes the need for coordination between regulatory bodies to ensure that the resolution process is completed efficiently, benefiting creditors and other stakeholders involved in the case.