RComm

The move follows similar actions by the State Bank of India and Bank of India, which flagged RCom loans citing diversion of funds in 2016

These actions are contrary to the RBI regulations issued in July 2024, as well as to well-established law and the judgments of the Hon'ble Supreme Court and the Hon'ble Bombay High Court.

At present, Reliance Communications is being managed under the supervision of a Committee of Creditors, led by SBI and overseen by a Resolution Professional

Reliance Communications, then owned by Anil Ambani, had to shut down its business operations as a result of its high debt burden and a failed merger with Aircel

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The plan entails realisation of around Rs 23,000 crore from sale of RCom assets and clawback of money paid to some of the lenders.

Under the plan, 38 lenders of RCom can recover over 70 per cent of their outstanding of Rs 33,000 crore secured debt, they said.

Bharti Airtel has placed a bid of around Rs 1,800 crore for the same, according to the sources

Last week, Reliance Communications Chairman Anil Ambani along with four directors had resigned from the company, that is going through insolvency process

RCom is presently going through a insolvency process and the National Company Law Tribunal had in July appointed Aneesh Nanavati of Deloitte as the resolution professional