Dhananjay Tiwari, the chief executive officer of Reliance Capital Ltd, resigned on Wednesday.

The company stated in a regulatory filing that Tiwari’s resignation will take effect on March 15, 2022, without elaborating on the reason for his departure.

Anil Ambani’s debt-ridden company is undergoing a corporate insolvency resolution process (CIRP) at the National Company Law Tribunal’s Mumbai Bench (NCLT).

Due to payment defaults and serious governance issues, the Reserve Bank superseded the board of Reliance Capital Ltd on November 29, 2021. The central bank also named Nageswar Rao Y, a former executive director of the Bank of Maharashtra, as the company’s administrator.

Reliance Capital Limited’s Chief Executive Officer was Dhananjay Tiwari.

Dhananjay, a Mechanical Engineer from the University of Baroda and an MBA, has over 25 years of experience in financial services, including Portfolio Management, Product Risks, Credit Risk, and Enterprise Risk Management.

Dhananjay also serves as an Executive Director for Reliance Commercial Finance Limited. He was previously the Chief Risk Officer at Vistaar Financial Services Private Limited and a Senior Vice President at HDFC Bank Ltd. before joining the Reliance Capital group. He was also a part of the Kotak Mahindra Group.