Reliance Industries takes over some debt liabilities of Reliance Jio following NCLT approval

Reliance Industries Limited (RIL) has taken over some debt liabilities of Reliance Jio Infocomm Limited (RJIL).

RIL’s move follows the approval from the Ahmedabad bench of the National Company Law Tribunal (NCLT).

In its filing with the Bombay stock exchange (BSE), RIL, said, “We refer to the disclosure made by RJIL, a wholly owned subsidiary of the company, dated March 18, 2020 regarding approval of the scheme of arrangement amongst RJIL and certain classes of its creditors (the ‘scheme’) by the NCLT, Ahmedabad bench, for transfer of certain identified liabilities to the company.”

However, the company has not disclosed the name of the creditors and quantum of liabilities.

Further, in its filing, RIL added, “Accordingly, the identified liabilities of RJIL stand transferred to the company. There shall be no impact on the consolidated debt of the company on account of assumption of the identified liabilities of RJIL.”