The move comes days after Reliance Jio Infocomm (Jio), the designated buyer of Infratel’s assets, had moved the bankruptcy court to seek forensic audit reports that had marked the accounts of Infratel and RCom as “fraudulent”.
According to people in the know, the rushed affidavit was filed over fears that Jio may back out of its plan to buy Infratel for about Rs 4,000 crore due to the label, dealing a blow to lenders’ efforts to recover some of their money. SBI didn’t respond to queries.
“The bank feels that the fraud tag on Reliance Infratel could delay the resolution process and the quantum of recovery could fall further,” said a bank executive aware of the matter.
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NCLT adjourns Rel Infratel matter to July 5
By IANS |
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NCLT adjourns Rel Infratel matter to July 5. Image Source: IANS News
Mumbai/Delhi, June 10 : The National Company Law Tribunal (NCLT) on Thursday adjourned the much-awaited Reliance Infratel Ltd fraud tag matter to July 5, asking the State Bank of India (SBI) to gather and produce more pleadings, submissions and evidences on that day.
This comes after the SBI curiously chose to withdraw the fraud tag against RCom s tower and fibre company Reliance Infratel Ltd.
Reliance Projects and Property Management Services, a part of Reliance Industries Group, was the successful resolution partner in the CIRP (Corporate Insolvency Resolution Process) of Reliance Infratel Ltd. It won the right to acquire 100 per cent shareholding of Reliance Infratel Ltd.
Read more about Lenders begin vote to select highest bidder for Reliance Commercial Finance on Business Standard. The voting to choose the bidder will end on June 25 and resolve another Rs 9,000 crore of debt of Anil Ambani group company
NCLT to hear SBI’s plea to withdraw Reliance Infratel’s fraud tag on July 5
June 10, 2021
The tribunal had sought SBI to produce further evidence and data. The National Company Law Tribunal’s (NCLT) Mumbai bench will hear State Bank of India’s request to withdraw a “fraudulent” tag it sought for Reliance Infratel Ltd (RITL) on July 5.
On the next hearing date, the tribunal has also asked the country’s largest lender to produce further evidence and data.
In a volte-face, the country’s largest lender on Wednesday moved the tribunal seeking to withdraw the fraud tag on RITL, following an internal forensic audit by SBI that allegedly found questionable transactions worth ₹5,500 crore. The alleged transactions were found in the accounts of three Anil Ambani three firms - Reliance Communications and its subsidiaries Reliance Telecom and RITL.