RCom Gets Claims Worth Rs 49,193 Crore From Lenders
Reliance Communications Ltd. has received Rs 49,193 crore worth of claims from lenders after Anil Ambani group’s debt-ridden telecom arm voluntarily approached the insolvency court.
Claims worth Rs 47,039 crore were provisionally admitted while the remaining Rs 2,154 crore sought by lenders was still under verification, according to RCom’s exchange filings. China Development Bank has sought the maximum Rs 9,864 crore, followed by Life Insurance Corporation of India’s Rs 4,758 crore and State Bank of India’s Rs 4,715 crore.
The telecom operator opted for insolvency resolution after failing to get government approvals to sell towers and spectrum to Reliance Jio Infocomm Ltd. The deal would have helped it cut debt nearly by half. The National Company Law Tribunal started proceedings last month and the first meeting of committee of creditors was held on May 31.
In all, RCom has received claims from 41 financial creditors.
Most of these lenders have already classified RCom loans as non-performing assets.