RCom, CoC extends bids submission deadline for company’s spectrum

The committee of creditors (CoC) for Reliance Communications (RCom) on Wednesday extended the deadline for submission of bids for the company’s spectrum by 10 days. According to sources, the bids will now open on November 25. The NCLT (National Company Law Tribunal) has directed the resolution professional to conclude the sale of RCom assets by January 10, 2020. The stressed telco’s secured debt is estimated at Rs. 33,000 crore.

So far, the lenders have received bids from Bharti group companies and private equity investor Varde Partners, while Reliance Jio is also expected to put in its bid, two people with knowledge of the developments told FE.