Rcom resolution plan filed with NCLT

MUMBAI: The resolution plan of Rcom, RTL and Reliance Infratel has been filed with the National Company Law Tribunal (NCLT).

In a regulatory filing with stock exchanges, Reliance Communications Limited ( Rcom) said that resolution professional of Rcom has duly filed the resolution plan as approved by the committee of creditor ( COC) on March 6 with the National Company Law Tribunal, Mumbai Bench.

This is being done in accordance with Section 30(6) of the Insolvency and Bankruptcy Code, 2016. (Reliance Communications Limited is under corporate insolvency resolution process pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016. With effect from June 28, 2019, its affairs, business and assets are being managed by, and the powers of the board of directors are vested in, the Resolution Professional, Anish Niranjan Nanavaty, appointed by National Company Law Tribunal, Mumbai Bench.

The Committee of Creditors (COC) has approved the Reliance Communications (Rcom ) resolution plan under which the lenders will receive 70 per cent or Rs23,000 crore of their total outstanding dues of Rs 33,000 crore.

Thisisthehighest-everrecoveryofduesbyfinancial creditors in the telecom sector which has seen the exit or shut down of 11 out of 12 telcos since 2012.

The Resolution plans of Reliance Communication (Rcom), Reliance Telecom (RTL), and Reliance Infratel (RITL) have been approved with an absolute majority (100 per cent) by the lenders at the COC meeting, as against the mandatory requirement of 66 per cent.