Latest Breaking News On - Reliance telecom - Page 6 : comparemela.com
Synopsis
Lenders of the telco, which filed for bankruptcy in May 2019, are worried that similar to the Aircel case, the Reserve Bank of India (RBI) is unlikely to permit asset reconstruction firm UVARCL buying RCom s spectrum and other assets under a resolution plan, the people said.
Wikipedia
A consortium of
Reliance Communications (RCom) lenders, led by the State Bank of India, have held discussions with resolution professional Deloitte on whether rebidding for the bankrupt telco’s assets is an option, people familiar with the matter said.
Lenders of the telco, which filed for bankruptcy in May 2019, are worried that similar to the Aircel case, the Reserve Bank of India (RBI) is unlikely to permit asset reconstruction firm UVARCL buying RCom’s spectrum and other assets under a resolution plan, the people said.
India
Sarfaesi-securitisation
Nakul-sachdeva
National-company-law-tribunal
Deloitte
Reliance-telecom
State-bank
Reserve-bank
Financial-assets
Securities-interest
Sarfaesi-act
Reliance-jio
Synopsis
“DoT has informed RCom that it cannot renew telecom licences unless previous spectrum related dues are cleared. This followed the resolution professional’s (RP) communication to the department that as per Insolvency and Bankruptcy Code, its dues come under a moratorium and it does not have to pay them,” said an official aware of the developments.
Agencies
“At this rate, the lenders will not recover any value from the spectrum because of the legal battles,” said a third person aware of the correspondence between DoT and RCom.
The Department of Telecommunications (DoT) has refused to renew
Reliance Communications (RCom) telecom licence unless it clears its statutory dues of ₹26,000 crore. If the bankrupt telco fails to do so it will be forced to surrender its spectrum and its asset sale plan under the insolvency process will get derailed.
India
Anil-ambani
Telecom-disputes-settlement
Supreme-court
Deloitte
Reliance-telecom
National-company-law-appellate-tribunal
Department-of-telecommunications-do
Bankruptcy-code
Appellate-tribunal
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