RCOM to seek debt resolution via NCLT framework | newkerala.com #96616
RCOM to seek debt resolution via NCLT framework | newkerala.com #96616
03 February, 2019, 18:31
The board of directors of RCom Friday reviewed the progress of the company's debt resolution plans since the invocation of strategic debt resolution on June 2, 2017.
Saddled with a mounting debt of Rs 46,000 crore and unable to sell its spectrum assets to elder brother Mukesh's Reliance Jio, Anil Ambani's debt-laden telecom venture Reliance Communications (RCom) chose to file for insolvency on Friday.
One of India's oldest telecom firms, Reliance Communications will file an application at the Mumbai bench of National Company Law Tribunal (NCLT) along with its units Reliance Telecom Ltd. and Reliance Infratel Ltd.
The company said lenders had not received any proceeds from its asset monetization plans, and that its overall debt resolution process had not made any progress.
Reliance Communications said that it had to opt for insolvency because of lack of 100% approvals and consensus, as mandated by RBI's 12th February 2018 circular, on all important issues, amongst over 40 lenders, Indian and foreign despite the passage of 12 months and over 45 meetings, besides the numerous legal issues it faced at various courts.
Declaring voluntary bankruptcy will be in the best interest of all stakeholders and help a debt resolution in less than a year, said the company.
The NCLAT process involves the appointment of an external debt resolution officer, who will be in charge of most affairs of the company and will strive to generate the best solution possible for all stakeholders.
This means the ₹20,000- crore deal with Reliance Jio has been called off and Reliance Jio would have to bid again for RCom's assets through the NCLT-monitored process. Jio had petitioned DoT to insulate it from any dues arising towards RCom for the period prior to the clearance of the deal. "It is public money, and we will take it from whoever owns it in case the corporate guarantee that RCom is providing us does not prove to be sufficient", a senior official at the telecom department had said, a stand which led to the collapse of the deal. However, that hope also got shattered as the proposal has not got a clear approval from the Department of Telecommunications or DoT.
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