Reliance Projects and Property Management Services Limited, a subsidiary of Reliance Jio Infocomm, has moved a fresh petition at the National Company Law Tribunal (NCLT) Mumbai to complete the acquisition of Reliance Infratel Limited (RITL) that owns tower and fibre assets of Reliance Communications. According to a petition filed in October 2022, the company has proposed to put Rs 35 billion in escrow account to be distributed amongst creditors once the inter-creditor disputes over the distribution of resolutions funds are resolved.
Reliance Projects and Property Management Services has sought from the tribunal that it should be allowed to deposit the total resolution amount in an account with the State Bank of India (SBI) and direct the parties involved, that upon such deposit, the resolution plan shall stand implemented and the applicant shall acquire ownership and control of RITL in terms of the resolution plan. The company added that the value of the assets of the corporate debtor, Reliance Infratel, will deteriorate if urgent action is not taken towards implementation. The assets include over 43,540 towers and over 178,000 km of laid-out fibre.