Airtel withdraws RCom bid, citing unfair treatment

Bharti Airtel has withdrawn its bid to acquire the assets of Reliance Communications after lenders agreed to extend the deadline for submitting the bids by 10 days. The extension was given on the request of Reliance Jio.

According to Airtel, such a move was unfair as the lenders had earlier rejected its request to extend the deadline.

In a communication to the resolution professional handling Reliance Communication’s insolvency process, Airtel termed the decision to extend the deadline as unfair and biased.

On October 31, Airtel had requested an extension of time to submit the resolution plan from November 11 till December 1.