NCLT to hear resolution plan of RCom, RITL, RTL on August 5

The NCLT has decided to hear the resolution plan of Reliance Communications Ltd (RCom), Reliance Infratel Ltd (RITL) and Reliance Telecom Ltd (RTL) on August 5 for approval, after the resolution professional (RP) asked for an early hearing in the case citing “huge” maintenance cost of the companies at Rs 170 crore per month.

As per norms, the maintenance cost is to be borne by the company undergoing the insolvency process once it is approved by the creditors of the company.

RCom, once the flagship company of the Anil Ambani-led Reliance group, was admitted into insolvency by the Mumbai Bench of the National Company Law Tribunal (NCLT) in June 2019.