Reliance Jio has moved the NCLT against the Committee of Creditors (CoC) of Reliance Infratel Ltd (RITL).According to sources, Reliance Jio, through Reliance Project and Property Management Services Ltd, has filed an application in the NCLT .
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.
The National Company Law Tribunal (NCLT) has upheld the petition of Doha Bank seeking priority payment for the financial creditors of Reliance Infratel which will lead to around Rs 3,515 crore recovery for the lenders, according to a source aware of the development. The payment has to be made from a payment of about Rs 4,400 crore realised from sale of assets to a Reliance Industries Ltd ( RIL) subsidiary through NCLT-driven debt resolution process. According to the source, State Bank of India will receive Rs 728 crore, Mahima Mercantile Rs 514 crore, SC Lowy Rs 511 crore, VTB Capital PLC Rs 511 crore, Doha Bank 409 crore, Emirates NBD Rs 322 crore, ICBC Rs 278 crore and Standard Chartered Bank will get Rs 242 crore.