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Aircel, RCom lenders may challenge NCLAT order on spectrum as they may lose Rs 60K cr SECTIONS Aircel, RCom lenders may challenge NCLAT order on spectrum as they may lose Rs 60K crPTI Last Updated: Apr 18, 2021, 09:07 PM IST Share Synopsis According to the experts and sources working with a committee of creditors, who did not wish to be named, the order may block transfer of Aircel and RCom spectrum to UVARCL and leave Indian and foreign banks with non-performing assets of around Rs 60,000 crore as claimed by the lenders. Agencies Lenders of debt-ridden telecom firms Aircel and Reliance Communications are planning to challenge the ruling of company law tribunal NCLAT over spectrum sale as they fear it will lead to NPAs of around Rs 60,000 crore claimed by them. ....
Classification as fraud account unjustified: RCom In the case of Reliance Infratel, Reliance Jio unit Reliance Digital Platform is the successful Resolution Applicant and lenders will get Rs 4,400 crore from the implementation. Share Via Email | A+A A- By Express News Service NEW DELHI: After several Indian banks marked the loan accounts of Reliance Communications Ltd and two other subsidiaries as fraudulent, the bankrupt Anil Ambani-led firm released a statement Wednesday calling the classification as “entirely unjustified”. The Delhi High Court on Tuesday had directed two of these banks Union Bank of India and Indian Overseas Bank to maintain the status quo regarding the classification, after RCom and its subsidiary Reliance Telecom Ltd challenged the move. ....
December 30, 2020 “Sure, the balloon has burst. But who was pumping gas in the balloon? Indian bankers are as responsible as Mr Ambani,” says HW News’ Business Editor Akhilesh Bhargava over the developments. According to the report by the Business Insider, problems for fallen billionaire Anil Ambani do not seem to be ending soon as in the middle of Reliance Communications’ bankruptcy resolution process, three Indian banks are classifying the company’s accounts and the accounts of its units as fraudulent. Anil Ambani, who had told a UK court that his “net worth was zero” and he was bankrupt, now finds himself under the scanner of the State Bank of India (SBI), Union Bank of India (UBI) and the Indian Overseas Bank (IOB), who are not willing to buy his story. ....
» Three Anil Ambani companies have reportedly been accused of fraud by banks the amount at stake is nearly ten times more than what Mallya owed Three Anil Ambani companies have reportedly been accused of fraud by banks the amount at stake is nearly ten times more than what Mallya owed Prabhjote GillDec 31, 2020, 12:14 IST Anil AmbaniBCCL The accounts of three Anil Ambani-led Reliance Group entities have reportedly been flagged as fraudulent by three banks, including India’s largest lender, the State Bank of India (SBI). Reliance Communications, Reliance Infratel, and Reliance Telecom owe lenders ₹86,188 crore. This is ten times more than the debt garnered by former billionaires Vijay Mallya and Nirav Modi. ....
Delhi High Court orders no coercive action in the RCOM matter By IANS | Published on Mon, Dec 28 2020 16:12 IST | 0 Views Delhi High Court. (File Photo: IANS). Image Source: IANS News New Delhi, Dec 28 : Delhi High Court has directed the two state owned banks, Union Bank of India and Indian Overseas Bank to maintain the status quo in a matter pertaining to the classification of accounts of Reliance Communication Ltd. ( RCOM) and its subsidiary, Reliance Telecom Ltd. (RTL) as fraudulent. RCOM and RTL had challenged the recent move by the Union Bank of India and Indian Overseas Bank to mark these accounts as fraudulent. ....