NCLAT stays allocation of Rs 44 billion proceeds from the sale of RITL tower and fibre assets

The National Company Law Appellate Tribunal (NCLAT) has stayed the allocation of Rs 44 billion proceeds from the sale of Reliance Infratel Limited (RITL) tower and fibre assets.

NCLAT’s decision is based on an appeal filed by Doha Bank-led External Commercial Borrowing (ECB) loan syndicate.

This would mean that the Chinese banks led consortium would not get any proceeds from the resolution process of RITL.