RCom surges 11% after NCLAT fixes hearing against NCLT order for Tuesday

Reliance Naval, Reliance Power, Reliance Capital, Reliance Infra and Reliance Nippon Life were other stocks from the ADAG, up in the range of 3% to 10% on the BSE.

Shares of Reliance Communications (RCom) have moved higher by 11% to Rs 15.85 per share on the BSE in noon deal after the company said that the National Company Law Appellate Tribunal (NCLAT) fixed the appeals against the National Company Law Tribunal (NCLT) orders for hearing tomorrow i.e. Tuesday, May 29, 2018.

“The appeals filed in the Hon'ble NCLAT against the NCLT orders admitting RCom, Reliance Infratel and Reliance Telecom to the debt resolution process and appointment of the Interim Resolution Professional, were mentioned for urgent hearing today,” RCom said in a BSE filing.

The Hon'ble NCLAT has fixed the appeals for hearing tomorrow i.e. Tuesday, May 29, 2018, it added.

All banks and financial institutions of the above 3 companies have unanimously decided to oppose the NCLT debt resolution process. Major lenders, including China Development Bank, State Bank of India and Standard Chartered Bank, have been formally impleaded to the appeal proceedings before the Hon'ble NCLAT, RCom said.

Reliance Naval and Engineering (up 10% at Rs 15.40), Reliance Power (5% at Rs 36.50), Reliance Capital (4% at Rs 411), Reliance Infrastructure (4% at Rs 433) and Reliance Nippon Life Asset Management (3% at Rs 226) were other stocks from the Anil Dhirubhai Ambani Group (ADAG), trading higher in the range of 5% to 10% on the BSE. On comparison, the S&P BSE Sensex was up 0.53% at 35,108 points.