SBI seeks more time from NCLT to file reply in RITL case

Public sector lender SBI Friday sought more time from the NCLT to file reply on Doha Bank’s plea seeking stay on a decision of the committee of creditors (CoC) of Reliance Infratel (RITL).

Doha Bank has argued that the creditors’ panel has considered the claims of lenders of parent firm Reliance Communications on the basis of corporate guarantee of RITL which would reduce its voting share in the CoC.

The bank claimed to be direct lenders and said as a syndicate of four banks, it had lent Rs 1,400 crore to RITL.

Doha Bank is against considering lenders having corporate guarantee of RITL as financial creditors as this will marginalise their voting rights to 15 per cent from around 55 per cent currently.