RCom lenders okay Rs 230 bn resolution plan; Chinese banks to get Rs 55 bn

With lenders approving a Rs 23,000 crore (Rs 230 bn) resolution plan for Reliance Communication, as much as Rs 5,500 crore (Rs 55 bn) will flow to Chinese banks, clearing about 55 per cent of their principal dues, including of those lenders to whom firm’s promoter Anil Ambani had allegedly given a personal guarantee.

A committee of RCom creditors on March 4 unanimously approved the insolvency resolution plan to settle unpaid debt of Reliance Communications, Reliance Telecom and Reliance Infratel, sources in the panel said. All the 38 lenders voted unanimously.

While Reliance Jio will get the tower and fiber assets of Reliance Infratel Ltd for Rs 4,700 crore, UV Asset Reconstruction Co Ltd (UVARC) will get assets of RCom and Reliance Telecom (spectrum) for Rs 14,000 crore, they said.