Reliance Infratel creditors to get ₹3,515 crore after NCLT upholds Doha Bank plea
March 03, 2021
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The National Company Law Tribunal’s (NCLT) Mumbai has upheld a petition filed by Doha Bank that would help in full recovery of ₹3,515 crore for the financial creditors of Reliance Infratel Ltd (RITL).
Doha Bank, one of the financial creditors of RITL, had filed an application against the corporate guarantee holders of Reliance Communications Ltd (RCom) and Reliance Telecom Limited (RTL), seeking priority payment for the financial creditors of RITL. The bank was seeking priority payment from the proceeds of RITL’s resolution plan, sources close to the development said.
Steel Tycoon Naveen Jindal Likely To Bid for Bankrupt Reliance Naval: Report
Dubai-based shipping firm GMS and Kotak Special Situations Fund were among the others that registered to bid as of the February 28 deadline, said news reports.
A worker walks at Reliance Naval and Engineering Limited (RNEL) shipyard in Pipavav, Gujarat. Photo: Amit Dave/Reuters
Business03/Mar/2021
New Delhi: Jindal Steel & Power Ltd, Indiaâs third-largest producer of the alloy by market value, and two other groups have expressed interest in bidding for Reliance Naval & Engineering Ltd,
Bloomberg has reported, citing people familiar with the matter.
Dubai-based shipping firm GMS and Kotak Special Situations Fund were among the others that registered to bid as of the February 28 deadline, the report added, quoting the people on condition of anonymity.
NCLT upholds Doha Bank plea, Reliance Infratel Financial Creditors to get 100% recovery aggregating Rs 3,515cr prokerala.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prokerala.com Daily Mail and Mail on Sunday newspapers.
Telecom stocks were trading in green, with the S&P BSE Telecom index increasing 7.61 points or 0.52% at 1461.47 at 09:49 IST. Among the components of the S&P BSE Telecom index, Mahanagar Telephone Nigam Ltd (up 3.34%), Tejas Networks Ltd (up 1.45%), Bharti Airtel Ltd (up 0.73%), HFCL Ltd (up 0.34%), and Tata Communications Ltd (up 0.13%), were the top gainers. On the other hand, OnMobile Global Ltd (down 3.65%), Reliance Communications Ltd (down 1.18%), and Vodafone Idea Ltd (down 1.12%) turned lower.
At 09:49 IST, the S&P BSE Sensex was down 744.51 or 1.46% at 50294.8.
The Nifty 50 index was down 197.7 points or 1.31% at 14899.65.
The S&P BSE Small-Cap index was down 41.77 points or 0.21% at 20263.21.
Telecom stocks were trading in the positive zone, with the S&P BSE Telecom index rising 10.94 points or 0.75% at 1467.66 at 09:48 IST. Among the components of the S&P BSE Telecom index, OnMobile Global Ltd (up 3.91%), Tejas Networks Ltd (up 2.61%),Vindhya Telelinks Ltd (up 1.89%),Indus Towers Ltd (up 1.56%),GTPL Hathway Ltd (up 1.28%), were the top gainers. Among the other gainers were Reliance Communications Ltd (up 1.17%), Sterlite Technologies Ltd (up 0.97%), Bharti Airtel Ltd (up 0.87%), and Mahanagar Telephone Nigam Ltd (up 0.24%). On the other hand, Tata Communications Ltd (down 3.58%), ITI Ltd (down 1.25%), and HFCL Ltd (down 0.66%) moved lower.
At 09:48 IST, the S&P BSE Sensex was down 101.82 or 0.2% at 51222.87.