RCom lenders okay resolution plan

The Committee of Creditors (CoC), tasked with finding buyers for the Anil Ambani-promoted Reliance Communications (RCom), has approved a resolution plan of all the group companies with an “absolute majority”.

“The approvals for all the group companies —– RCom, Reliance Telecom Ltd (RTL) and Reliance Infratel Ltd (RITL) —- came in with a 100 per cent majority as against the mandatory 66 per cent as the voting ended today. The Resolution Professional will file the results of voting with the National Company Law Tribunal tomorrow,” a source close to the development told BusinessLine.

The voting results have to be tabled by March 4, the deadline set earlier by NCLT, another source said.

The board of State Bank of India (SBI) — the lead lender to RCom — had earlier approved a resolution plan and has now voted in favour of the plan.