Another Anil Ambani co faces insolvency

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NCLT has given approval to start bankruptcy process against another company of Anil Ambani group…we’re talking about Reliance Innoventures. On the complaint of JC Flowers, approval has been given to start the bankruptcy process against the company. JC Flowers claimed in its application in NCLT that Reliance Innoventures has defaulted on its loan payment. JC Flowers ARC had bought Yes Bank’s Rs 48,000 crore bad loan portfolio in December 2022 which also included loans given by the bank to Reliance Innoventures. JC Flowers ARC claims that Reliance Innoventures has defaulted on interest payment of Rs 100 crores on the Rs 1000 cr loan. Reliance Innoventures, said the collateral for the loan- shares of Rel Infra, Rel Power, Rel Capital and Rel Home Finance was worth Rs 2,598 crore. Before transferring the loan to JC Flowers, YES Bank had sold shares of these four companies in 2019. Reliance Innoventures says the value of the pledged shares is sufficient to pay off the loan.

 IRDA moves SC against SAT stay on Sahara insurance order

IRDAI has filed an application in SC against the ban imposed by SAT on its decision related to Sahara India Life Insurance. On June 2, the insurance regulator IRDAI ordered the transfer of the entire business of Sahara India Life to SBI Life. Under this order, the assets of the firm of Sahara Group and the liabilities of about two lakh policies were to be transferred to SBI Life Insurance. In the application given in the SC, the counsel for IRDAI said that the reason behind the decision of June 2 is the continuous deteriorating financial condition of Sahara India Life Insurance. Not only this, this decision was also taken keeping in mind the protection of the interests of the policyholders of Sahara India Life. The matter will now be heard in the SC on July 3.