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Aircel, RCom lenders likely to challenge NCLAT order on spectrum sale
The NCLAT order on spectrum sale may block transfer of Aircel and RCom spectrum to UVARCL and leave Indian and foreign banks with non-performing assets of around Rs 60,000 crore as claimed by the lenders
PTI | April 19, 2021 | Updated 08:04 IST
Lenders of debt-ridden telecom firms Aircel and Reliance Communications are planning to challenge the ruling of company law tribunal NCLAT over spectrum sale as they fear it will lead to NPAs of around Rs 60,000 crore claimed by them.
The National Company Law Appellate Tribunal (NCLAT) in its order dated April 13 had ruled that the spectrum cannot be utilized without payment of requisite dues which cannot be wiped off by triggering CIRP (Corporate Insolvency Resolution Process) under I&B (Insolvency and Bankruptcy) Code .
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Aircel, RCom lenders may challenge NCLAT order on spectrum as they may lose Rs 60K cr
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Aircel, RCom lenders may challenge NCLAT order on spectrum as they may lose Rs 60K crPTI
Last Updated: Apr 18, 2021, 09:07 PM IST
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According to the experts and sources working with a committee of creditors, who did not wish to be named, the order may block transfer of Aircel and RCom spectrum to UVARCL and leave Indian and foreign banks with non-performing assets of around Rs 60,000 crore as claimed by the lenders.
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Lenders of debt-ridden telecom firms Aircel and
Reliance Communications are planning to challenge the ruling of company law tribunal NCLAT over spectrum sale as they fear it will lead to NPAs of around Rs 60,000 crore claimed by them.
Classification as fraud account unjustified: RCom
In the case of Reliance Infratel, Reliance Jio unit Reliance Digital Platform is the successful Resolution Applicant and lenders will get Rs 4,400 crore from the implementation.
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| A+A A- By Express News Service
NEW DELHI: After several Indian banks marked the loan accounts of Reliance Communications Ltd and two other subsidiaries as fraudulent, the bankrupt Anil Ambani-led firm released a statement Wednesday calling the classification as “entirely unjustified”.
The Delhi High Court on Tuesday had directed two of these banks Union Bank of India and Indian Overseas Bank to maintain the status quo regarding the classification, after RCom and its subsidiary Reliance Telecom Ltd challenged the move.