Jio seeks to speed up insolvency process for Reliance Infratel

Reliance Jio Infocomm, in a bid to expedite the acquisition process of the debt-laden Reliance Infratel (RITL), has offered to deposit the total resolution amount of `3,500 crore in an escrow account.

Reliance Projects and Properties Management Services, a subsidiary of Reliance Jio, has moved a fresh application before the Mumbai bench of the National Company Law Tribunal (NCLT), stating that the delay in the resolution process is causing “severe harm” to the interests of the corporate debtor and the resolution applicant.