Business Standard

Doha Bank moves law tribunal, seeks stay on decisions of RCom lenders

Ericsson has been opposed to RCom's move of undergoing insolvency proceedings

RCom, Reliance Communications
Premium

Committee of creditors votes for Deloitte as resolution professional

Subrata PandaDev Chatterjee Mumbai
In a surprise intervention in the Reliance Communications (RCom) insolvency matter, Doha Bank, which is one of the financial creditors to RCom’s subsidiary Reliance Infratel, has moved the National Company Law Tribunal (NCLT) seeking a stay on the decisions of the meeting of the committee of creditors (CoC) held on Thursday.

Doha Bank has alleged that the corporate bank guarantees given by Reliance Infratel for RCom have been invoked by the banks and this, in turn, has increased Reliance Infratel’s debt significantly.

The invoking of corporate guarantees by banks has resulted in a significant reduction in the voting rights of a syndicate

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: May 30 2019 | 10:54 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com