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 before insolvency proceedings estimated to be around Rs 14,000 crore, towers business for Rs 7,000 crore, optical fibre network Rs 3,000 crore and data centres worth Rs 4,000 crore. Reliance Jio cancelled agreement to buy RCom assets, including spectrum, as it did not want to bear the past liabilities of the debt-ridden firm. RCom Chairman Anil Ambani has tendered his resignation after the company posted a consolidated loss of Rs 30,142 crore for July-September 2019 due to provisioning for liabilities after the Supreme Court ruling on statutory dues.

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History of this topic

SC restores claims worth ₹10,952 cr of Reliance Infratel's 4 indirect creditors
3 weeks, 5 days ago

SC restores claims worth ₹10,952 cr of Reliance Infratel's 4 indirect creditors

Live Mint  

NEW DELHI : The Supreme Court on Friday upheld the claims, amounting to more than ₹10,952 crore, of four indirect creditors of Reliance Infratel Ltd. Reliance Infratel’s total debt exceeds ₹41,055 crore. The resolution and acquisition by RIL In 2022, Reliance Jio’s subsidiary, Reliance Projects and Property Management Services Ltd, completed the acquisition of a 100% stake in Reliance Infratel …

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, …

AGR case: SC seeks details of spectrum users of bankrupt telcos
4 years, 5 months ago

AGR case: SC seeks details of spectrum users of bankrupt telcos

Live Mint  

NEW DELHI: The Supreme Court on Friday asked bankrupt telecom companies, including Reliance Communications Ltd, Aircel Group and Videocon Telecommunications Ltd, to furnish details of those using spectrum with insolvent firms. A bench headed by Justice Arun Mishra asked Shyam Divan, counsel representing the resolution professional of RCom, that if Reliance Jio has been using the spectrum with RCom and …

AGR case: SC seeks details of spectrum sharing agreement between RCom & Reliance Jio
4 years, 5 months ago

AGR case: SC seeks details of spectrum sharing agreement between RCom & Reliance Jio

India Today  

The Supreme Court Friday sought the details of spectrum sharing pact between Reliance Communications and Reliance Jio and said as to why the company using the spectrum of the other firm cannot be asked to pay the Adjusted Gross Revenue related dues to the government. The top court asked other telecom companies under insolvency, including Aircel Limited, Aircel Cellular Limited …

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 …

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 …

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 …

RCom hits upper circuit for 6th straight session
5 years, 1 month ago

RCom hits upper circuit for 6th straight session

India TV News  

Shares of Reliance Communications hit their upper circuit for the sixth consecutive session on Friday amid reports that Bharti Airtel has submitted conditional bids of around Rs 9,500 crore for the debt-ridden firm's assets. 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, …

Bharti Airtel submits conditional bids of around Rs 9,500 crore for debt-ridden RCom' telecom assets
5 years, 1 month ago

Bharti Airtel submits conditional bids of around Rs 9,500 crore for debt-ridden RCom' telecom assets

Firstpost  

I Squared Capital, which was expected to buy RCom’s data centre and optical fibre, also did not submit bids. New Delhi: 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 …

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 …

Bharti Airtel, two others bid for bankrupt RCom’s assets
5 years, 1 month ago

Bharti Airtel, two others bid for bankrupt RCom’s assets

Live Mint  

Bharti Airtel Ltd, VFSI Holdings Pte Ltd and UV Asset Reconstruction Company Ltd have submitted their resolution plans for Reliance Communications Ltd that is undergoing insolvency proceedings. According to information available on the RCom’s website, the company owed financial creditors ₹49,193.46 crore at the time of being taken to bankruptcy court in May last year. Reliance Communications’ assets include spectrum, …

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 …

Anil Agarwal's Twin Star Tech not to bid for debt-ridden RCom's assets; to make formal announcement soon
5 years, 4 months ago

Anil Agarwal's Twin Star Tech not to bid for debt-ridden RCom's assets; to make formal announcement soon

Firstpost  

RCom lenders have claimed dues of around Rs 49,000 crore on the company till May 2019. New Delhi: Billionaire metal tycoon Anil Agarwal-promoted Twin Star Technologies is learnt to have pulled out as a bidder for telecom assets of debt-ridden Reliance Communications due to unknown reason, a source privy to the development said on Thursday. Twin Star Technologies, a holding …

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 …

RCom pays ₹460 crore to settle Ericsson dues
5 years, 9 months ago

RCom pays ₹460 crore to settle Ericsson dues

Live Mint  

Mumbai: Ericsson SA has received ₹462 crore from Indian telecom firm Reliance Communications Ltd, the Swedish company said on Monday, potentially saving billionaire Anil Ambani and two RCom directors from a jail term. Late last month, the Supreme Court found Anil Ambani, chairman of the debt-laden firm, guilty of contempt of court for wilfully failing to pay the Swedish telecom …

RCom looks to real estate assets, Jio deal to pay Ericsson dues of Rs 453 cr after Supreme Court order
5 years, 10 months ago

RCom looks to real estate assets, Jio deal to pay Ericsson dues of Rs 453 cr after Supreme Court order

Firstpost  

RCom owes a total Rs 571 crore to the Swedish telecoms equipment maker, including a one-time settlement of Rs 550 crore and interest payments of Rs 21 crore. Business tycoon Anil Ambani is planning to use a payment from his brother’s company and the sale of real estate assets to pay what he owes to Sweden’s Ericsson following a court …

Reliance Communications stock sinks by more than half to a record low as firm asks NCLT to resolve debt
5 years, 11 months ago

Reliance Communications stock sinks by more than half to a record low as firm asks NCLT to resolve debt

Firstpost  

Reliance Communications said its lenders had not received any proceeds from asset monetisation plans, and that its overall debt resolution process had not made any progress Reliance Communications Ltd shares plunged by more than half to a record low on Monday, after the Indian telco said it will seek a fast-track resolution to its indebtedness through bankruptcy court. In one …

RCom heads to Indian bankruptcy court after Ambani brothers’ mobile battle
5 years, 11 months ago

RCom heads to Indian bankruptcy court after Ambani brothers’ mobile battle

CNN  

New Delhi CNN Business — One of India’s richest men has turned to a bankruptcy court for help as he battles to save his company after losing a brutal price war with his older brother. Anil Ambani’s wireless telecom business, Reliance Communications, announced Sunday it was asking India’s National Companies Law Tribunal to help sell its assets and settle billions …

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 …

RCom files case in Supreme Court against DoT over Jio deal
6 years ago

RCom files case in Supreme Court against DoT over Jio deal

Live Mint  

New Delhi: Reliance Communications Ltd on Thursday filed a contempt of court plea against the department of telecommunications in the Supreme Court claiming that it failed to furnish a no-objection certificate clearing RCom’s spectrum deal with Reliance Jio Infocomm Ltd even after the court had directed it to do so. The Supreme Court had on 30 November cleared the sale …

Anil Ambani clears legal hurdle to sell telecom assets to Reliance Jio
6 years, 1 month ago

Anil Ambani clears legal hurdle to sell telecom assets to Reliance Jio

Live Mint  

New Delhi: The Supreme Court on Friday cleared the sale of spectrum by Anil Ambani-controlled Reliance Communications Ltd to elder brother Mukesh Ambani’s Reliance Jio Infocomm Ltd on the condition that the seller furnishes ₹ 1,400 crore as corporate guarantee to the government within two days. The tribunal had also asked RCom to not sell a land parcel worth ₹ …

Govt moves SC for bank guarantee from RCom before Jio deal
6 years, 1 month ago

Govt moves SC for bank guarantee from RCom before Jio deal

Live Mint  

New Delhi: The centre on Monday approached the Supreme Court to reiterate its demand of ₹ 2,940 crore in bank guarantees from Reliance Communications Ltd for its payment liabilities on spectrum, before clearing the Anil Ambani-led telecom firm’s proposed asset sale to elder brother Mukesh Ambani’s Reliance Jio Infocomm Ltd. Justice A.K. The centre approached the apex court to challenge …

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 …

RCom sells assets worth ₹ 2,000 crore to Reliance Jio
6 years, 4 months ago

RCom sells assets worth ₹ 2,000 crore to Reliance Jio

Live Mint  

Mumbai: Reliance Communications Ltd today said it has completed the sale of its media convergence nodes and related infrastructure assets worth ₹ 2,000 crore to Reliance Jio Infocomm Ltd. “Reliance Communications Ltd today announced the completion of the sale of its MCNs and related infrastructure assets, worth ₹ 2,000 crore, to Reliance Jio Infocomm,” the RCom statement said. RCom had …

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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