Torrent petitioned the Supreme Court for a stay of the National Company Law Appellate Tribunal (NCLAT) judgment, but the high court refused to provide the business any remedy. Due to payment failures and major governance difficulties, the Reserve Bank of India (RBI) superseded Reliance Capital's board on November 29, 2021. The RBI appointed Nageswara Rao Y as the administrator of the firm's Corporate Insolvency Resolution Process (CIRP). The third significant non-banking financial corporation (NBFC) against which the central bank has filed insolvency proceedings under the Insolvency and Bankruptcy Code is Reliance Capital (IBC). Srei Group NBFC and Dewan Home Finance Corporation were the other two (DHFL). Following that, the RBI filed an application with the National Company Law Tribunal's Bombay bench to initiate CIRP against the company.