The State Bank of India (SBI) has reportedly sought a meeting with the Reserve Bank of India (RBI) to sort out the regulator’s objections to the participation of UV Asset Reconstruction Company Limited (UVARCL) in Aircel’s resolution plan.

Aircel’s lenders led by SBI are worried that the company may now have to be liquidated.

Recently, RBI rejected the UV Asset Reconstruction Company Limited (UVARCL) resolution plan for Aircel that had been approved by the National Company Law Tribunal (NCLT).

The RBI’s opposition to asset reconstruction companies (ARCs) becoming resolution applicants (RA) could scuttle not just the Aircel plan but Reliance Communications (RCOM) as well.