Telecom dept raises objections to Reliance Communications resolution plan

The department of telecommunications (DoT) has objected to the resolution plan of Reliance Communications, Reliance Telecom and Reliance Infratel in the National Company Law Tribunal (NCLT).

DoT, as an operational creditor, will not get any proceeds out of the resolution of the companies, according to the plan. The NCLT has adjourned the hearing on the resolution plan on the companies till August 21. The DoT will file written submissions by then.

The committee of creditors of Reliance Communication (RCom) approved a resolution plan, which involves lenders receiving Rs 23,000 crore. Jio and UVARC emerged has the highest bidders for the assets of RCom.