NCLT orders urgent implementation of Reliance Infratel resolution plan

MUMBAI: The National Company Law Tribunal (NCLT) in Mumbai has directed that the insolvency resolution plan which will see an arm of Reliance Jio take over Reliance Communications’ bankrupt tower and fibre unit be implemented “as quickly as possible”.

As per the orders of the NCLT made public on Wednesday, the court allowed Jio’s arm, Reliance Project and Property Management Services Ltd (RP&PMSL) to deposit Rs 3720 crore in a State Bank of India escrow account as part of the Reliance Infratel Ltd. (RITL) insolvency resolution plan.