RCom’s lenders start voting on resolution plan

Mumbai | Updated on March 02, 2020

The Committee of Creditors (CoC), tasked with finding buyers for the Anil Ambani-promoted Reliance Communications (RCom), has started voting on the proposed resolution plan on Monday. The process is expected to end on Wednesday.

The CoC met today and started the voting process, and the plan is to table the results on March 4, meeting the deadline set earlier by the National Company Law Tribunal (NCLT), sources close to the development said.

While the lenders had met earlier on February 24, they had restrained from voting as many of them were yet to get authorisations from their boards. State Bank of India (SBI), the lead lender, also did not get board approvals. The consortium of 38 lenders was hoping to recover a substantial portion of secured debt worth ₹33,000 crore through the resolution process.

Mukesh Ambani-led Reliance Jio Infocomm (RJio) and Delhi-based UV Asset Reconstruction Company (UVARC) 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 NCLT in May last year after an offer from RJio for its assets was not approved by the creditors.

Published on March 02, 2020

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