The National Company Law Tribunal (NCLT) has directed the urgent implementation of the insolvency resolution plan under which Reliance Property and Projects Management Services Limited, a subsidiary of Reliance Jio, will acquire Reliance Infratel Limited (RITL).
As per NCLT orders, the court allowed Reliance Jio to deposit Rs 37.2 billion in a State Bank of India escrow account as part of the insolvency resolution plan. Further, distribution of the amount so deposited in the escrow account shall be in terms of the order passed by the Supreme Court and after obtaining permission/orders from the NCLT Bench. The orders further directed the Monitoring Committee and the respondents to make all endeavours to implement the resolution plan as quickly as possible, adhering timeline.
Meanwhile, in separate notices to the stock exchanges, Reliance Industries Limited and the parent company of RITL, Reliance Communications Limited, confirmed the order, bringing the bankruptcy resolution of RITL to a close after two years.