RCom creditors may seek more time to complete asset sale; CoC to consider bids of Jio, Airtel, Varde and UVARCL

By: |
Published: January 1, 2020 10:31:55 PM

Bharti Airtel, Reliance Jio, Varde Capital and UV Asset Reconstruction Company have submitted bids to buy assets of debt-ridden RCom.

The CoC has, however, rejected Ambani’s resignation and asked to cooperate in insolvency proceedings.

Reliance Communications’ committee of creditors is likely to seek extension of debt sale process beyond January 10 till February-end from the National Company Law Tribunal, according to sources. The committee of creditors (CoC) is scheduled to meet on Thursday to consider bids of Reliance Jio, Airtel, Varde and UVARCL. “As per the NCLT order, CoC has to complete the entire process by January 10. But, now, CoC will seek extension of deadline till February-end,” one of the sources who is involved in the process told PTI.

Bharti Airtel, Reliance Jio, Varde Capital and UV Asset Reconstruction Company have submitted bids to buy assets of debt-ridden RCom. RCom’s secured debt is estimated to be around Rs 33,000 crore. Lenders have submitted claims of around Rs 49,000 crore in August. RCom has put all of its assets for sale which include spectrum holding of 122 MHz, towers business, optical fibre network and data centres.

RCom Chairman Anil Ambani has tendered his resignation after the company posted a consolidated loss of Rs 30,142 crore for July-September due to provisioning for liabilities after the Supreme Court’s ruling on statutory dues. This was the second-highest loss posted by any Indian corporate till date. The CoC has, however, rejected Ambani’s resignation and asked to cooperate in insolvency proceedings.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Post offices deliver $54 million in rural, unbanked areas during lockdown: Niti Aayog CEO Amitabh Kant
2Bank credit grows 6.25 pc, deposits rise 10.64 pc: RBI
3COVID-19: Govt amends insolvency law; suspends initiation of fresh proceedings for six months