RCom’s committee of creditors likely to vote on resolution plan on Feb 24

The committee of creditors (CoC) tasked with finding buyers for the Anil Ambani-promoted Reliance Communications (RCom) and its two arms is expected to vote on a resolution plan on February 24.

The resolution professional (RP) is slated to submit the resolution plan to the Mumbai Bench of the National Company Law Tribunal (NCLT) on March 5, 2020, according to the people involved in the process of sale of the firms — RCom, Reliance Telecom Infrastructure, and Reliance Infratel, which houses the tower and fibre assets.

The consortium of 38 lenders is hoping to recover a substantial portion of the secured debt worth Rs 33,000 crore from the process. Lenders to Bhushan Steel and Essar Steel had recovered 63 per cent and 60 per cent, respectively, according to data available on the website of Insolvency and Bankruptcy Board of India (IBBI).