RCom creditors may seek more time to complete asset sale process beyond 10 January deadline
5 years ago

RCom creditors may seek more time to complete asset sale process beyond 10 January deadline

Firstpost  

New Delhi: Reliance Communications’ committee of creditors is likely to seek an extension of debt sale process beyond 10 January till February-end from the National Company Law Tribunal, according to sources. But, now, CoC will seek extension of deadline till February-end,” one of the sources who is involved in the process told PTI. Reuters Bharti Airtel, Reliance Jio, Varde Capital and UV Asset Reconstruction Company have submitted bids to buy assets of debt-ridden RCom. RCom Chairman Anil Ambani has tendered his resignation after the company posted a consolidated loss of Rs 30,142 crore for July-September due to provisioning for liabilities after the Supreme Court’s ruling on statutory dues.

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History of this topic

NCLT allows RCap administrator’s plea on implementation of resolution plan
10 months ago

NCLT allows RCap administrator’s plea on implementation of resolution plan

Live Mint  

Mumbai: The National Company Law Tribunal on Wednesday allowed a plea by Reliance Capital's administrator, seeking directions to the Hinduja Group's IndusInd International Holdings Ltd to complete payment for the takeover in accordance with the resolution plan by 28 May. On 27 February, the NCLT gave its nod to Hinduja Group’s IndusInd International Holdings to take over the debt-laden Reliance …

Since CoC Is Re-Constituted Post Approval Of Plan, It Must Be Again Examined By The New CoC: NCLAT Delhi
1 year, 6 months ago

Since CoC Is Re-Constituted Post Approval Of Plan, It Must Be Again Examined By The New CoC: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Naresh Salecha, while adjudicating an appeal filed in Dauphin Cables Pvt. Ltd. v Praveen Bansal Resolution Professional & Ors., has held that when the Committee of Creditors is re-constituted post approval of a resolution plan, due to recategorization of a creditor, then the approved …

Reliance Capital resolution process completion deadline extended to July 16
1 year, 8 months ago

Reliance Capital resolution process completion deadline extended to July 16

India TV News  

Reliance Capital News: The Mumbai-bench of National Company Law Tribunal has extended the deadline for completing the resolution process of Reliance Capital by three months to July 16 as lenders have agreed to hold a second round of auction to maximise their recovery. The 90 days deadline extension was necessitated as the lenders decided to hold a second round of …

NCLAT Rejects Reliance Capital’s Creditor Plea To Vacate Status Quo Order
1 year, 11 months ago

NCLAT Rejects Reliance Capital’s Creditor Plea To Vacate Status Quo Order

Live Law  

National Company Law Appellate Tribunal bench comprising of Justice Ashok Bhushan and Mr. Barun Mitra disposed off the appeal filed by the Reliance Capital Creditor namely Vistra ITCL against the NCLT Mumbai order dated 23.01.2023. Senior Advocate Darius Khambata along with Senior Advocate Ramji Srinivasan & Arun Kathpalia appeared for Torrent Investment and apposed the plea of Vistara ITCL on …

NCLT division bench to hear Reliance Capital case on January 16
2 years ago

NCLT division bench to hear Reliance Capital case on January 16

The Hindu  

The division bench of National Company Law Tribunal on January 16 is set to decide Reliance Capital’s proposed reauction challenged by Ahmedabad-based Torrent Investments, which was the highest bidder in the first round of bidding conducted on December 21st. In its next meeting on January 6, the CoC appears to have belatedly found that the outcome of the challenge mechanism …

NCLT to hear on January 12 Torrent’s plea against second-round bidding in RCap
2 years ago

NCLT to hear on January 12 Torrent’s plea against second-round bidding in RCap

The Hindu  

The National Company Law Tribunal Mumbai is set to hear on Thursday a crucial petition of the Gujarat-based Torrent Group, which has approached the tribunal challenging the Committee of Creditors’ move to conduct second round of e-Auction of the Reliance Capital, which is under the Insolvency and Bankruptcy Code procedure. On December 21, Torrent Investments had emerged the highest bidder …

Reliance Capital lenders to propose a second auction on January 19
2 years ago

Reliance Capital lenders to propose a second auction on January 19

India TV News  

Lenders to Reliance Capital advised bidders that the challenge auction procedure will take place on January 19 even though the National Company Law Tribunal will hear Torrent Investments' case contesting it on Thursday, people aware of the situation said. The threshold price is set at Rs 10,000 crore for the second round and at Rs 10,250 crore for the third, …

NCLAT Declines To Entertain Revised Resolution Plan As CIRP Had Already Crossed 559 Days, Timely Completion Of Resolution Necessary
2 years, 5 months ago

NCLAT Declines To Entertain Revised Resolution Plan As CIRP Had Already Crossed 559 Days, Timely Completion Of Resolution Necessary

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Rakesh Kumar Jain, Mr. Kanthi Narahari, Dr. Alok Srivastava, while adjudicating an appeal in Shrinathji Trading Company v Sanwaria Consumer Ltd., has dismissed an application filed by resolution applicant seeking consideration of its revised resolution plan. The Appellant again filed an interim application before the Adjudicating Authority seeking …

Reliance Gets NCLT Permission to Seek Creditors’ Nod for Proposed Future-Retail Deal
3 years, 2 months ago

Reliance Gets NCLT Permission to Seek Creditors’ Nod for Proposed Future-Retail Deal

News 18  

The Mumbai Bench of the National Company Law Tribunal on October 18 allowed Reliance to go ahead with seeking creditors’ nod, CNBC-TV18 reported. Reliance Retail, the retail arm of oil-to-telecom conglomerate Reliance Industries, had moved the NCLT and sought permission to proceed with seeking creditors’ nod for reorganising companies in lieu of the proposed Future-Retail Deal. Last month, on September …

Lenders Extend ICA for Reliance Home Finance Resolution Till Mar 31
4 years ago

Lenders Extend ICA for Reliance Home Finance Resolution Till Mar 31

News 18  

New Delhi: Lenders to troubled mortgage firm Reliance Home Finance have extended the inter-creditor agreement for another three months. Reliance Home Finance, part of Anil Ambani-promoted Reliance Group, recently got bids from six suitors as part of the debt resolution process. “The lenders of the company forming part of the Inter creditor Agreement, executed pursuant to the Reserve Bank of …

RCom creditors approve Rs 23,000 cr asset sale plan to highest bidders Jio, UV Asset Reconstruction Company: Report
4 years, 10 months ago

RCom creditors approve Rs 23,000 cr asset sale plan to highest bidders Jio, UV Asset Reconstruction Company: Report

Firstpost  

Under the plan, 38 lenders of RCom can recover over 70 percent of their outstanding of Rs 33,000 crore secured debt New Delhi: Reliance Communications’ Committee of Creditors is believed to have approved insolvency resolution plan that will fetch lenders Rs 23,000 crore by selling its assets to Reliance Jio and UVARCL. Banking Sources say almost all lenders vote in …

RCom creditors panel to vote on Rs 23,000-cr resolution plans on 24 February; loans of Chinese lenders to reduce by nearly 65%
4 years, 10 months ago

RCom creditors panel to vote on Rs 23,000-cr resolution plans on 24 February; loans of Chinese lenders to reduce by nearly 65%

Firstpost  

RCom’s secured debt is estimated to be around Rs 33,000 crore. New Delhi: The Committee of Creditors of Reliance Communications on February 24 will put to a vote asset bids received from UV Asset Reconstruction Company and Reliance Jio from which lenders are expected to recover around Rs 23,000 crore, according to sources privy to the development. UV Asset Reconstruction …

Reliance Jio, UVARC emerge highest bidders for RCom assets; lenders expect to recover Rs 25,000 cr
5 years ago

Reliance Jio, UVARC emerge highest bidders for RCom assets; lenders expect to recover Rs 25,000 cr

Firstpost  

Reliance Jio has placed Rs 4,700-crore bids for mobile tower and fibre assets of Reliance Infratel Ltd, a subsidiary of RCom New Delhi: UV Asset Reconstruction Company and Reliance Jio have emerged as highest bidders in asset sale process of debt-ridden Reliance Communications from which lenders expect to recover Rs 25,000 crore, according to banking sources. Reliance Jio has placed …

Reliance Communications creditors may seek more time to complete asset sale process
5 years ago

Reliance Communications creditors may seek more time to complete asset sale process

India TV News  

Reliance Communications' committee of creditors is likely to seek an extension of debt sale process beyond January 10 till February-end from the National Company Law Tribunal, according to sources. But, now, CoC will seek an extension of deadline till February-end," one of the sources who is involved in the process told PTI. Bharti Airtel, Reliance Jio, Varde Capital and UV …

Bharti Airtel submits Rs 9,500-cr bids for RCom assets
5 years, 1 month ago

Bharti Airtel submits Rs 9,500-cr bids for RCom assets

India TV News  

Telecom operator Bharti Airtel has submitted conditional bids of around Rs 9,500 crore for debt-ridden Reliance Communications' telecom assets, including spectrum, mobile towers and optical fibre, according to an industry source. "Bharti Airtel seems to be the highest bidder with bids of around Rs 9,500 crore. Reliance Communications has put all its assets for sale, which include spectrum holding of …

Airtel, Reliance Jio submit bids for debt-ridden RCom telecom assets; Committee of Creditors to meet today
5 years, 1 month ago

Airtel, Reliance Jio submit bids for debt-ridden RCom telecom assets; Committee of Creditors to meet today

Firstpost  

RCom’s secured debt is estimated to be around Rs 33,000 crore. New Delhi: Bharti Airtel, Reliance Jio, Varde Capital and UV Asset Reconstruction Company have submitted bids to buy assets of debt-ridden Reliance Communications, according to banking sources involved in the process. RCom has put its all assets for sale which include spectrum holding of 122 MHz that the company …

Airtel, Jio bid for Reliance Communications telecom assets
5 years, 1 month ago

Airtel, Jio bid for Reliance Communications telecom assets

India TV News  

Bharti Airtel, Reliance Jio, Varde Capital and UV Asset Reconstruction Company have submitted bids to buy assets of debt-ridden Reliance Communications, according to banking sources involved in the process. RCom has put its all assets for sale which include spectrum holding of 122 MHz that the company before insolvency proceedings estimated to be around Rs 14,000 crore, towers business for …

RCom shares rally 6 per cent to hit upper circuit on asset sale buzz
5 years, 1 month ago

RCom shares rally 6 per cent to hit upper circuit on asset sale buzz

India TV News  

Shares of Reliance Communications hit their upper circuit on Monday, rising over 6 per cent, amid reports that Bharti Airtel, Reliance Industries and three others may bid for the assets of debt-ridden company. Meanwhile, Bharti Airtel was trading 3.81 per cent higher at Rs 437.05 and Reliance Industries was up 1.04 per cent at Rs 1,562.45 on the BSE. Bharti …

Supreme Court orders status quo in Jaypee plea against NCLAT order
5 years, 5 months ago

Supreme Court orders status quo in Jaypee plea against NCLAT order

Live Mint  

The Supreme Court on Friday ordered status quo, for two weeks, on Jaypee Group's plea against the National Company Law Appellate Tribunal order barring parent company Jaypee Associates Ltd from bidding for Jaypee Infratech Ltd. On July 30, the NCLAT extended the resolution process of JIL by 90 days, thereby allowing submission of fresh bids for the bankrupt realty company. …

NCLAT asks Amtek Auto lenders to consider the resolution plans submitted by Deccan Value Investors
5 years, 6 months ago

NCLAT asks Amtek Auto lenders to consider the resolution plans submitted by Deccan Value Investors

Firstpost  

NCLAT bench slammed the committee of creditors of Amtek Auto for issuance of fresh information memorandum inviting new resolution plans. New Delhi: The National Company Law Appellate Tribunal on Wednesday asked the lenders of Amtek Auto to consider the resolution plans submitted by Deccan Value Investors along with others based on the original information memorandum inviting bids. Besides, a two-member …

Anil Ambani's RCom's bankruptcy begins as NCLT allows firm to exclude 357 days spent in litigation; next hearing on 30 May
5 years, 8 months ago

Anil Ambani's RCom's bankruptcy begins as NCLT allows firm to exclude 357 days spent in litigation; next hearing on 30 May

Firstpost  

At the last hearing, RCom had sought 357 days exclusion in the insolvency process citing the stays it had on the process by the NCLAT and the Supreme Court. Mumbai: The National Company Law Tribunal on Thursday allowed Reliance Communications to exclude the 357 days spent in litigation and admitted it for insolvency. With this, RCom, which owes over Rs …

NCLT begins bankruptcy process for Anil Ambani's Reliance Communications
5 years, 8 months ago

NCLT begins bankruptcy process for Anil Ambani's Reliance Communications

Firstpost  

Mumbai: The lenders to the crippled Reliance Communications Tuesday moved NCLT to appoint a new resolution professional and form a committee of creditors, the first step to begin the bankruptcy process of the Anil Ambani group company that owes close to Rs 50,000 crore to 31 lenders led by State Bank of India. Meanwhile, RCom through the existing resolution professional, …

RCom files for insolvency after govt refuses nod for asset sale to Jio
5 years, 11 months ago

RCom files for insolvency after govt refuses nod for asset sale to Jio

Live Mint  

Anil Ambani promoted telecom company Reliance Communications on Friday said that it has decided to file for insolvency as its lenders have received zero proceeds from its proposed asset monetization plans even after a period of 18 months. This comes one month after its planned asset sale to brother Mukesh Ambani’s Reliance Jio failed to get approval from the Department …

Reliance Communications says 'fully committed' to settle dues with Ericsson from spectrum sale
6 years ago

Reliance Communications says 'fully committed' to settle dues with Ericsson from spectrum sale

Firstpost  

Reliance Communications is yet to receive approval from the telecom department to proceed with the sale of its wireless assets. New Delhi: Telecom company Reliance Communications Ltd said it remained “fully committed” to settle dues with Swedish telecom gear-maker Ericsson from the proceeds of its sale of wireless assets to Reliance Jio Infocomm Ltd. “RCom has taken all required steps …

Supreme Court tells RCom to pay Ericsson dues by 15 December
6 years, 2 months ago

Supreme Court tells RCom to pay Ericsson dues by 15 December

Live Mint  

New Delhi: The Supreme Court on Tuesday gave Reliance Communications Ltd time till 15 December to clear the pending payment of ₹ 550 crore towards telecom equipment manufacturer Ericsson India Pvt. RCom moved the top court on 19th March, seeking a stay on the orders by the Bombay high court and the Mumbai bench of the National Company Law Tribunal, …

RCom caps borrowing limit to ₹50,000 crore
6 years, 3 months ago

RCom caps borrowing limit to ₹50,000 crore

Live Mint  

New Delhi: Debt-ridden Reliance Communications said on Wednesday its shareholders have approved a cap of ₹ 50,000 crore on its borrowing limit. The resolution to revise borrowing limit was passed as special resolution by around 90% of shareholders at the annual general meeting of the company held on 18 September 2018, RCom said in a BSE filing. It was proposed …

Reliance Communications agrees to sell Rs 25,000 cr assets by August end; to pay Ericsson Rs 550 crore
6 years, 5 months ago

Reliance Communications agrees to sell Rs 25,000 cr assets by August end; to pay Ericsson Rs 550 crore

India TV News  

Debt-ridden Reliance Communications is looking to complete the sale of its business assets worth Rs 25,000 crore by the end of this month and has also agreed to pay Rs 550 crore towards settlement to telecom gearmaker Ericsson by September-end. Reliance Communications in a regulatory filing said that it has "agreed to pay a settlement amount of Rs 550 crore …

RCom-Jio deal: Reliance Infratel, HSBC Daisy submits final consent terms to NCLAT
6 years, 6 months ago

RCom-Jio deal: Reliance Infratel, HSBC Daisy submits final consent terms to NCLAT

Live Mint  

New Delhi: Reliance Infratel Ltd and its offshore investor and minority shareholder HSBC Daisy Investments Ltd on Friday submitted to the National Company Law Appellate Tribunal their final consent terms with respect to their dispute over sale of tower and fibre assets by the telco to Reliance Jio Infocomm Ltd. This comes a month after Reliance Infratel, a unit of …

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