Reliance Communications’ (RCOM) shareholders have asked its resolution professional (RP) for the details of its resolution plan. Shareholders have further enquired about the haircut they would have to take and asked the RP from Deloitte to be open for bids globally.
The shareholders asked for the details at RCOM’s annual general meeting (AGM) that was chaired by its RP.
The RP has affirmed receiving claims worth Rs 842.68 billion from their creditors, adding that the quality of the resolution plan will depend on what the investors make of the claim. As per the RP, a single bidder taking up the entire firm will be ideal.
The bids for RCOM’s assets are coming in and the National Company Law Tribunal (NCLT) has agreed to the extended deadline of January 10, 2020 to finalise the resolution plan.
RCOM and its units are under Rs 460 billion of debt and undergoing insolvency proceedings with its assets up for sale.