NCLT Mumbai Approves RIL Arm's Resolution Plan For Reliance Infratel

The National Company Law Tribunal (NCLT) has approved a resolution plan for Reliance Infratel submitted by a group entity of Reliance Industries, according to a regulatory filing.

"... the resolution plan submitted by Infrastructure Projects - a division of Reliance Projects & Property Management Services Limited, a wholly owned subsidiary of Reliance Industries Limited, for the resolution of Reliance Infratel Limited, under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code 2016, has been approved by the Hon'ble National Company Law Tribunal... Mumbai bench vide its Order dated December 3, 2020," RIL said in a late evening filing on Friday.

Reliance Communications' telecom infrastructure arm Reliance Infratel has around 43,000 towers and 1,72,000 route kilometres of fiber. Lenders are expected to get around Rs 4,400 crore from the resolution process, sources had earlier said.

The resolution plan was approved by 100 per cent votes of the committee of creditors.

Distribution of the proceeds from the resolution plan is subject to the disposal of the Doha Bank Intervention Application, they had added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor