NCLT allows Reliance Communications to substitute its resolution applicant

The National Company Law Tribunal (NCLT) Mumbai has allowed Reliance Communications (Rcom) to substitute its resolution applicant under the resolution plan submitted by the bankrupt telco.

Rcom had changed its resolution applicant to UV Stressed Asset Management Private Limited (UVSAMPL) from the original UV Asset Reconstruction Company Limited (UVARCL) as the latter did not meet some guidelines issued by the Reserve Bank of India (RBI). The company had filed an application regarding the same with the NCLT.

“The said application was last listed before the NCLT on December 12, 2023, for pronouncement of order, and the NCLT orally pronounced its order, vide which it has allowed the said application,” Rcom said in a regulatory filing Wednesday.