RCom CoC to vote on resolution plan today

RCom CoC to vote on resolution plan today

RCom was referred to the NCLT in May last year after an offer from Reliance Jio to buy its assets did not find favour with the creditors

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The Committee of Creditors (CoC), tasked with finding buyers for the Anil Ambani-promoted Reliance Communications (RCom) and its two companies, will vote on a resolution plan today. “We wish to inform you that the 18th meeting of Committee of Creditors of Reliance Communications is scheduled to be convened on Monday, February 24, 2020,” RCom said in a regulatory filing on Sunday.

RCom did not provide any additional details in the filing.

Following the approval, the Resolution Professional (RP) will submit the final plan to the Mumbai Bench of the National Company Law Tribunal (NCLT) on March 5, 2020, sources close to development had told BusinessLine.

The consortium of 38 lenders is hoping to recover a substantial portion of the secured debt worth ₹33,000 crore from the process. Lenders to Bhushan Steel and Essar Steel had recovered 63 per cent and 60 per cent, respectively, according to data available on the website of Insolvency and Bankruptcy Board of India (IBBI).

Mukesh Ambani’s Reliance Jio Infocomm 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 is ₹21,000 crore.

RCom was referred to the NCLT in May last year after an offer from Reliance Jio to buy its assets did not find favour with the creditors.

Source- Business line.

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