SBI board approves RCom resolution plan

The board of State Bank of India (SBI) has approved a resolution plan proposed by beleaguered telecom company Reliance Communications (RCom), and will now vote in favour of the plan, sources close to the development told BusinessLine. SBI is the lead lender to RCom.

The Committee of Creditors (CoC) tasked with finding buyers for the Anil Ambani-promoted RCom had started voting on the proposed resolution plan on Monday. The process is expected to end on Wednesday.

SBI did not get board approval to vote for the process when the lenders had met on February 24. The lenders had refrained from voting as many were yet to get authorisations from their respective boards.

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