The National Company Law Tribunal (NCLT) has upheld Doha Bank’s petition seeking priority payment for the financial creditors of Reliance Infratel.

According to industry sources, the petition will lead to a recovery of around Rs 35.15 billion for the lenders. The payment will be made from Rs 44 billion realised from sale of assets to a Reliance Industries Limited (RIL) subsidiary through NCLT driven debt resolution process.

While, State Bank of India will reportedly receive Rs 7.28 billion, Mahima Mercantile will receive Rs 5.14 billion, SC Lowy Rs 5.11 billion, VTB Capital PLC Rs 5.11 billion, Doha Bank Rs 4.09 billion, Emirates NBD Rs 3.22 billion, ICBC Rs 2.78 billion and Standard Chartered Bank will get Rs 2.42 billion respectively.