NCLT appoints Nanavati of Deloitte as RP for Reliance Communications

MUMBAI: The dedicated bankruptcy court has cleared the appointment of Anish Nanavaty of Deloitte as the Resolution Professional (RP) for Reliance Communications (RCom) and its two units -Reliance Telecom and Reliance Infratel even as claims worth over Rs66,000 crore have been verified.

On Friday, the National Company Law Tribunal (NCLT) presided over by VP Singh and Ravikumar Duraisamy, in an oral order, approved the appointment of Nanavaty, replacing Manish Kaneria of RBSA Advisors, and directed the new RP to submit the progress report of the insolvency process for the three companies by July 23.

“The lenders have approved the appointment of Anish Niranjan Nanavaty for Reliance Communications and its two units with 81.37% voting,” said the counsel, who was appearing for the telcos’ lenders, led by State Bank of India (SBI).