The National Company Law Tribunal (NCLT) has said that it will hear the resolution plan of Reliance Communications and Reliance Telecom Infrastructure Limited (RTIL) on August 19, 2020.
Earlier, lenders had approved UV Asset Resolution Co Ltd (UVARCL) as buyer of RCOM and its subsidiary.
As per industry sources, the Telecom Regulatory Authority of India (TRAI) has sought that provision be made in resolution plan stating that the post-paid subscribers will get back their unspent money and deposits. Further, Axis Bank has also raised a question on its guarantees.
Both of these matters will be heard on August 19 by NCLT.
According to the plan approved by lenders, while RCOM and its subsidiary Reliance Telecom Infrastructure Limited (RTIL) will be bought by UVARC, Reliance Infratel will go to Reliance Jio for a total consideration of around Rs 200 billion- Rs 230 billion. This amount will be paid over a period of seven years.
Meanwhile, RCOM’s assets that were put up for sale included airwaves in the 850 MHz band in 14 telecom circles, about 43,000 telecom towers, some fibre and data centres.
Further, UVARCL has also received NCLT approval to take over Aircel’s assets and is now awaiting some regulatory nods.