According to an exchange filing, the subsidiaries of Reliance Communications (RCOM) – Reliance Realty Limited (RRL) and Campion Properties Limited (CPL) – have initiated selling of properties, including the Dhirubhai Ambani Knowledge City (DAKC) complex that housed the headquarters of the telco. The two subsidiaries, vide their respective board resolutions, approved initiation of sale process for certain properties owned by the companies.
The selling companies have intimated regarding the proposed process being initiated for identification of potential buyers, and at the time of finalisation of the terms of sale, they shall respectively approach RCOM for necessary approvals in its capacity of being (their) shareholder. That said, RCOM further added that while the company’s resolution professional has deliberated over the matter with the committee of creditors (CoC), no approval has been sought from or given by the committee regarding the sale of these properties yet.
RCom has been undergoing corporate insolvency resolution for over four and a half years. The company was sent to the bankruptcy courts in May 2018 and started the insolvency process under the Insolvency and Bankruptcy Code (IBC) in 2019. Under the process, its affairs, business and assets are reportedly being managed by the resolution professional (RP), Deloitte’s Anish Niranjan Nanavaty appointed by the National Company Law Tribunal, Mumbai Bench, since June 2019.