Millennium Post

RCom's resolution plan filed before NCLT

New Delhi: Resolution professional of Reliance Communications has approached the National Company Law Tribunal with a resolution plan approved by the creditors of the telecom firm under the insolvency and bankruptcy code, according to a regulatory filing.

The plan entails realisation of around Rs 23,000 crore from sale of RCom assets and clawback of money paid to some of the lenders.

"Resolution professional has duly filed the resolution plan as approved by the CoC (committee of creditors) of each of the aforesaid companies with the Hon'ble National Company Law Tribunal, Mumbai Bench on March 6, 2020 in accordance with Section 30(6) of the Insolvency and Bankruptcy Code, 2016," RCom said in a BSE filing.

As much as Rs 5,500 crore will flow to Chinese banks, clearing about 55 per cent of their principal dues, including of those lenders to whom firm's promoter Anil Ambani had allegedly given a personal guarantee.

In a regulatory filing, RCom has earlier said "that in the e-voting conducted pursuant to the meeting of the committee of creditors held on March 2, 2020, which e-voting concluded on March 4, 2020 at 8 pm (IST), the committee of creditors of RCom has, by way of voting share of 100 per cent of the committee of creditors, approved the resolution plan submitted by UV Asset Reconstruction Company Limited.

Besides RCom, resolution plan of its subsidiaries Reliance Telecom Limited and Reliance Infratel Limited, which are also undergoing corporate insolvency resolution process under the provisions of the code, have been approved by the committee of creditors of each of the aforesaid companies by 100 per cent voting share.

While Reliance Jio will get the tower and fibre assets of Reliance Infratel Ltd for Rs 4,700 crore, UV Asset Reconstruction Co Ltd (UVARC) will get assets of RCom and Reliance Telecom (spectrum) for Rs 14,000 crore, they said.

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