The tribunal confirmed appointing Y Nageswar Rao administrator of the company.
Earlier in the day, it had reserved its order on the matter after hearing the case.
The RBI had moved the NCLT last week after it (RBI) had superseded the company's board, citing defaults and governance issues.
Senior counsel Ravi Kadam, appearing on behalf of the RBI, said only the regulator had the powers to initiate insolvency proceedings against a financial services provider under the IBC.
This story is from the December 07, 2021 edition of Business Standard.
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This story is from the December 07, 2021 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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