CoC meet for Reliance Communications to be delayed beyond January 31

Published: January 25, 2020 4:20:43 AM

The CoC has declared Reliance Jio and UVARC as H1 bidders for respective assets.

reliance, reliance communicationsRCom assets have received bids from Reliance Jio and UV Asset Reconstruction Company (UVARC).

By Ankur Mishra

The resolution of beleaguered Reliance Communications could be delayed further, as the meeting of the committee of creditors (CoC), which was to be held on January 31, could be cancelled, a source close to development told FE. “China Development Bank has communicated unavailability for meeting to CoC, therefore, the meeting for voting on January 31 is cancelled and it may be called again in the month of February,” informed sources told FE. NCLT Mumbai on Friday has granted extension of time period for resolution process from February 3 to March 10, 2020, now.

RCom assets have received bids from Reliance Jio and UV Asset Reconstruction Company (UVARC). The CoC has declared Reliance Jio and UVARC as H1 bidders for respective assets. Sources said that total value of the bids for all the assets is around Rs 3,500 crore, out of total outstanding debt close to Rs 50,000 crore.

UVARC had bid for spectrum, real estate and enterprise and data centre business of RCom, while Reliance Jio had bid for tower and fibre assets.

RCom is under insolvency process since June 18, 2019, working under resolution professional Anish Narayan. Anil Ambani tendered his resignation from the company earlier but CoC did not accept his resignation. State Bank of India (SBI) is the lead lender and has exposure of Rs 4,700 crore to RCom. China Development Bank (CDB) has an exposure of around Rs 10,000 crore.

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