RCom resolution plan approved, highest-ever recovery of dues in telecom

New Delhi: The Committee of Creditors (COC) has approved the Reliance Communications (RCom) resolution plan under which the lenders will receive 70 per cent or Rs 23,000 crore of their total outstanding dues of Rs 33,000 crore.

This is the highest-ever recovery of dues by financial creditors in the telecom sector which has seen the exit or shut down of 11 out of 12 telcos since 2012.

The Resolution plans of Reliance Communication (RCOM), Reliance Telecom Ltd (RTL), and Reliance Infratel Ltd (RITL) have been approved with an absolute majority (100 per cent) by the lenders at the COC meeting, as against the mandatory requirement of 66 per cent.