Lenders approve Rs 23K crore resolution plan for RCom; major share for Chinese banks

With lenders approving a Rs 23,000 crore resolution plan for Reliance Communication, as much as Rs 5,500 crore will flow to Chinese banks, clearing about 55 per cent of their principal dues, including of those lenders to whom firm’s promoter Anil Ambani had allegedly given a personal guarantee. In a regulatory filing, RCom said “that in the e-voting conducted pursuant to the meeting of the committee of creditors held on March 2, 2020, which e-voting concluded on March 4, 2020 at 8 pm (IST), the committee of creditors of RCOM has, by way of voting share of 100 per cent of the committee of creditors, approved the resolution plan submitted by UV Asset Reconstruction Company Limited.