Chinese banks may be condemned to get 30% or Rs. 7,000 crore from Reliance Communications, Reliance Telecom, and Reliance Infratel resolution plan. On the other hand, the sources said that the Telecom Department will be left with no proceedings coming its way. The sources further added that the National Company Law Tribunal (NCLT) Mumbai is scheduled to hear the resolution plan of RCom, RTEL, and RITL on Friday.
The banks of China are expected to get a lion share of 30% or Rs. 7,000 Crore in RCom/RTEL/RITL resolution plans. The Committee of Creditors has decided to give nothing to the Department of Telecommunications out of the total proceeds of Rs. 23,000 Crore from resolution plan, as the department is considered as an operational creditor.
Chinese banks may walk away with a significant share of about Rs. 7,000 Crore i.e. 30%, while the foreign lenders will get Rs. 2,300 Crore i.e. 10%, SBI, and Indian banks will get Rs. 13,000 crore from the current plan.
It is appropriate to mention that the Department of Telecommunications (DoT) has objected to the debt resolution scheme proposed for RCom and RTL under the Insolvency and Bankruptcy Code.
Earlier this week, DoT told the National Company Law Tribunal (NCLT) Mumbai bench that the said resolution, said by the lenders, did not consider the de jure Adjusted Gross Revenue (AGR) dues to be paid to the Government.
The NCLT has directed DoT to file their submission by Friday, i.e. the day when the matter has to be heard.
تعليقات