Claims against Reliance Communications swell to Rs 57,382 cr; Reliance ADAG companies among claimants

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Updated: June 17, 2019 9:39:42 PM

Reliance Anil Dhirubhai Ambani Group firms account for Rs 7,000.63 crore of fresh claims against the group firm Reliance Communications.

Reliance Communications, RCom, Reliance ADAG, Reliance ADAG companies, regulatory filing, industry newsThe filing said the fresh claims except for admitted dues have been put for verification. (Reuters)

Claims against Reliance Communications (RCom) have risen to Rs 57,382.5 crore with new entities, including some Reliance Anil Dhirubhai Ambani Group companies, joining the creditors’ list, according to a regulatory filing. Interim Resolution Professional (IRP) Pardeep Kumar Sethi, however, admitted dues of Rs 30 crore out of fresh claims of Rs 8,189 crore, taking admitted claims so far to Rs 49,223.88 crore, RCom said in the filing.

Reliance ADA Group firms account for Rs 7,000.63 crore of fresh claims against the group firm RCom. The filing said the fresh claims except for admitted dues have been put for verification. Reliance ADAG firm Reliance HR Services Private Limited has submitted claim of Rs 3,368.95 crore, Reliance Capital 1,291.71 crore and Reliance Communications Enterprise Private Limited of Rs 2,336.22 crore and Bermuda-based Reliance Globalcom has made claim of Rs 3.75 crore.

The IRP admitted none of the claims and marked the entire amount for verification. Shubh Holdings Pte Ltd, CQS Asian Opportunities Master Fund Limited and CQS Directional Opportunities Master Fund Limited have joined the new list of creditors with claims of Rs 400.26 crore, Rs 135.04 crore and Rs 100.11 crore respectively.

The list shows that China Development Bank (CDB) claimed dues of Rs 9,863.89 crore and the IRP has admitted the entire claim. The IRP also admitted full claims made by Life Insurance Corporation (Rs 4,758 crore), Exim Bank of China (Rs 3,356.44 crore), Standard Chartered Bank (Rs 2,130.23 crore), ICBC (Rs 1,832.89 crore), Syndicate Bank (Rs 1,225.19 crore), and Punjab National Bank (Rs 1,126.87 crore), among several others.

State Bank of India submitted a claim of Rs 4,905.37 crore but IRP admitted Rs 4,714.52 crore and set aside Rs 190.85 crore for verification. Among lead lenders, Bank of Baroda placed a claim of Rs 2,707.67 crore but IRP admitted Rs 2,531.87. Last month, as many as 41 creditors submitted total claims of Rs 49,193.46 crore and IRP admitted more than 95 per cent of the amount as dues.

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