Reliance Communications (R-Com) on Sunday said a meeting of the company’s committee of creditors is scheduled to be held on Monday.
“The 18th meeting of the committee of creditors (CoC) of Reliance Communications Ltd is scheduled to be convened on Monday, February 24, 2020,” R-Com said in a regulatory filing. No other details were disclosed.
Sources said the CoC on Monday will put to vote asset bids received from UV Asset Reconstruction Company and Reliance Jio from which lenders are expected to recover around Rs 23,000 crore.
Tower asset sale
UV Asset Reconstruction Company is learnt to have placed a bid of around Rs 14,700 crore, while Reliance Jio has made an offer of Rs 4,700 crore for the tower and fibre assets of Reliance Infratel Ltd. There will also be a clawback of Rs 4,300 crore of priority payments made to Chinese and Indian creditors.
Jio placed bid for the tower and fibre assets of Reliance Infratel Ltd and UVARC for assets of R-Com and Reliance Telecom Ltd.
R-Com’s secured debt is estimated to be around Rs 33,000 crore. Lenders submitted claims of around Rs 49,000 crore in August.
R-Com has put all of its assets on sale that include a spectrum holding of 122 megahertz (MHz), tower business, optical fibre network and data centres.
According to an order by the National Company Law Tribunal, the CoC had to complete the entire process by January 10 but it sought an extension in deadline.