Lenders okay Rs 23,000-crore resolution plan for RCom

With lenders approving Rs 23,000-crore resolution plan for Reliance Communications (RCom), as much as Rs 5,500 crore will flow to Chinese banks, clearing about 55% 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 “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% of the committee of creditors, approved the resolution plan submitted by UV Asset Reconstruction Company Limited.