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The board of State Bank of India (SBI) has approved a resolution plan proposed by beleaguered telecom company Reliance Communications (RCom), and will now vote in favour of the plan, sources close to the development told BusinessLine. SBI is the lead lender to RCom.
The Committee of Creditors (CoC) tasked with finding buyers for the Anil Ambani-promoted RCom had started voting on the proposed resolution plan on Monday. The process is expected to end on Wednesday.
SBI did not get board approval to vote for the process when the lenders had met on February 24. The lenders had refrained from voting as many were yet to get authorisations from their respective boards.
The consortium of 38 lenders was hoping to recover a substantial portion of the secured debt of ₹33,000 crore through the resolution process.
Earlier, Mukesh Ambani-led Reliance Jio Infocomm (RJio) and Delhi-based UV Asset Reconstruction Company had emerged as the highest bidders for the assets of RCom and its subsidiaries. The combined bid amount was at ₹21,000 crore.
RCom was referred to the National Company Law Tribunal (NCLT) last May after an offer from RJio for its assets was not approved by the creditors.
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