The National Company Law Tribunal (NCLT) has allowed Deloitte, the resolution professional (RP) of Reliance Communications (RCOM) an additional 90 days to complete its insolvency proceedings. The deadline of the proceedings is thereby stretched to January, 2020.
Deloitte had petitioned NCLT for an extension as its 180 days period to complete resolution for RCOM was getting over in mid October, 2019.
Deloitte will now have to complete asset sale for the telco by January 2020.
RCOM has around Rs 460 billion of debt and is undergoing insolvency proceedings with its assets up for sale. Further, the operator has also been waging legal battles as lenders have put in claims worth nearly Rs 900 billion against the telco.
(Category: News, Tag: Policy & Regulation)