The resolution professional of Reliance Communications (RCOM) has approached the National Company Law Tribunal (NCLT) with a resolution plan approved by its creditors under the insolvency and bankruptcy code.

The plan entails realisation of around Rs 230 billion from sale of RCOM assets, which is more than 70 per cent of their outstanding of Rs 330 billion of secured debt along with a clawback of money paid to some of the lenders.

As per RCOM’s regulatory filing, “The resolution professional has duly filed the resolution plan as approved by the committee of creditors (CoC) of each of the aforesaid companies with the NCLT, Mumbai Bench on March 6, 2020 in accordance with Section 30(6) of the Insolvency and Bankruptcy Code, 2016.

Earlier, the CoC had declared UV Asset Reconstruction Company Limited (UVARCL) and Reliance Jio as the preferred bidders for RCOM’s assets.