RCom owes Rs 57,382 cr to debtors

Our Bureau Mumbai | Updated on June 18, 2019 Published on June 18, 2019

RCom most coveted 800MHz band is most valuable for RJio. File Photo   -  Reuters

IRP admits claims worth Rs 49,223 cr

Debt-ridden Reliance Communications (RCom) owes Rs 57,382.5 crore to debtors, including new entities, with the Interim Resolution Professional (IRP) admitting claims worth Rs 49,223.88 crore.

The company’s Chinese lenders - China Development Bank, Industrial and Commercial Bank of China and Exim Bank of China – have claimed a total of Rs ‭15,053.23 ‬crore from the company, while claims worth Rs 8,158.62 crore are “under verification”, RCom said in a regulatory filing.

State-owned China Development Bank has sought Rs 9,863.89 crore from RCom, while Exim Bank of China has claimed Rs 3,356.44 crore, Industrial and Commercial Bank of China (head office) has claimed Rs 1,554.42 crore and Industrial and Commercial Bank of China (Mumbai branch) Rs 278.48 crore, it added.

RCom, a company controlled by Anil Ambani, is under the Corporate Insolvency Resolution Process (CIRP) under provisions of the Insolvency and Bankruptcy Code, 2016. The National Company Law Tribunal (NCLT), Mumbai bench, had appointed Pardeep Kumar Sethi as the IRP vide its order dated May 18, 2018.

According to the financial creditors’ list submitted by RCom to BSE, lead lender State Bank of India’s dues worth Rs 4,825.82 crore, LIC of India’s claims of Rs 4,758 crore, Bank of Baroda’s Rs 2,531.87 crore and Madison Pacific Trust Ltd’s Rs 2,351.53 crore were also provisionally admitted by the IRP.

Syndicate Bank’s Rs 1,225.19 crore, Punjab National Bank’s Rs 1,126.87 crore, IDBI Bank’s Rs 1,410.95 crore, Union Bank of India’s Rs 1,009.34 crore and Bank of India’s Rs 979.17 crore, among others, were also admitted, it said.

In the list of 53 financial creditors, Reliance Anil Ambani Group (R-ADAG) companies such as Reliance Globalcom Ltd (Bermuda), Reliance HR Services Pvt Ltd, Reliance Capital Ltd and Reliance Communication Enterprise Pvt Ltd were also included. However, their claims totalling Rs 7,000.63 crore were not approved by the IRP.

RCom had posted a net loss of Rs 7,767 crore on a consolidated basis for the fourth quarter ended March 31, 2019, compared with a net loss of Rs 19,776 crore recorded during the year-ago period.

Read:- RCom Q4 net loss at Rs 7,767 crore

In May, a core Committee of Creditors (CoC) was formed with about 40 lenders — including the SBI, the China Development Bank and the Industrial and Commercial Bank of China — to look into RCom’s bankruptcy proceedings.

Read:- RCom’s IRP accepts only Rs 67,000 cr of creditors’ claims

The CoC had also approved Deloitte, represented by Savan Godiawala and Ashish Nanavaty, as the Resolution Professional (RP) from a list of five.

Also read:NCLAT permits RCom plea to continue insolvency proceedings

Related news:RCom lenders to finalise RP from shortlist of 5

Published on June 18, 2019

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