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NCLT approves appointment of Deloitte as RP for RCOM

June 24, 2019
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The National Company Law Tribunal (NCLT) has approved the appointment of Deloitte’s Anish Nanavaty as the resolution professional (RP) for Reliance Communications (RCOM) and its two units - Reliance Telecom and Reliance Infratel’s ongoing bankruptcy proceedings with a quoted fees of Rs 12.7 million per month. He will be replacing Manish Kaneria of RBSA Advisors, who was earlier the RP for RCOM.

The move comes after RCOM’s committee of creditors (CoC) submitted a plea, which the NCLT has approved. Further, the NCLT has asked the RP to submit the progress report of the insolvency process for the three companies by July 23, 2019.

As of now, its financial creditors like China Development Bank, Standard Chartered Bank (London), Deutsche Bank (Hong Kong), DBS Bank, State Bank of India have together made claims up to Rs 573.82 billion of which Rs 49.223 billion have been verified.

Further, the companies’ operational creditors such as tower companies, equipment vendors and the Department of Telecommunications (DoT), total claimed amount is approximately Rs880 billion, of which over Rs700 billion has been verified.

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