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The move comes days after Reliance Jio Infocomm (Jio), the designated buyer of Infratel’s assets, had moved the bankruptcy court to seek forensic audit reports that had marked the accounts of Infratel and RCom as “fraudulent”.
According to people in the know, the rushed affidavit was filed over fears that Jio may back out of its plan to buy Infratel for about Rs 4,000 crore due to the label, dealing a blow to lenders’ efforts to recover some of their money. SBI didn’t respond to queries.
“The bank feels that the fraud tag on Reliance Infratel could delay the resolution process and the quantum of recovery could fall further,” said a bank executive aware of the matter.
NCLT adjourns Rel Infratel matter to July 5
By IANS |
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NCLT adjourns Rel Infratel matter to July 5. Image Source: IANS News
Mumbai/Delhi, June 10 : The National Company Law Tribunal (NCLT) on Thursday adjourned the much-awaited Reliance Infratel Ltd fraud tag matter to July 5, asking the State Bank of India (SBI) to gather and produce more pleadings, submissions and evidences on that day.
This comes after the SBI curiously chose to withdraw the fraud tag against RCom s tower and fibre company Reliance Infratel Ltd.
Reliance Projects and Property Management Services, a part of Reliance Industries Group, was the successful resolution partner in the CIRP (Corporate Insolvency Resolution Process) of Reliance Infratel Ltd. It won the right to acquire 100 per cent shareholding of Reliance Infratel Ltd.