Lenders approve resolution plan for Reliance Communications
With lenders approving a Rs 23,000-crore resolution plan for Reliance Communications, as much as Rs 5,500 crore will flow to Chinese banks, clearing about 55 per cent of their principal dues, including of those lenders to whom the firm’s promoter Anil Ambani had allegedly given personal guarantee.
In a regulatory filing, R-Com said: “In the e-voting conducted pursuant to the meeting of the committee of creditors, the committee of creditors of R-Com has approved the resolution plan submitted by UV Asset Reconstruction Company Limited.
“Further, in respect of the subsidiaries of R-Com (Reliance Telecom and Reliance Infratel), which are also undergoing a corporate insolvency resolution process under the provisions of the Code, resolution plans submitted by UV Asset Reconstruction, and (Jio’s subsidiary) Reliance Digital Platform & Project Services have been approved by the committee of creditors of each of the aforesaid companies by 100 per cent voting share,” it said.
It, however, did not give details saying the plans will be submitted to the Mumbai bench of the National Company Law Tribunal for a final nod.
While Reliance Jio will get the tower and fiber assets of Reliance Infratel for Rs 4,700 crore, UV Asset Reconstruction will get assets of R-Com and Reliance Telecom (spectrum) for Rs 14,000 crore, they said.
After considering a clawback clause, the resolution plan fetched Rs 23,000 crore, which will go towards paying dues of Chinese banks, who are the largest lenders, they said.