The National Company Law Tribunal (NCLT) gave its nod to a resolution plan for Reliance Infratel submitted by a group entity of Reliance Industries, a regulatory filing stated.
The resolution plan was approved by 100 per cent votes of the committee of creditors.
“… the resolution plan submitted by Infrastructure Projects – a division of Reliance Projects & Property Management Services Limited, a wholly-owned subsidiary of Reliance Industries Limited, for the resolution of Reliance Infratel Limited, under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code 2016, has been approved by the Hon’ble National Company Law Tribunal… Mumbai bench vide its Order dated December 3, 2020,” RIL said in a late evening filing on Friday.
Reliance Communications’ telecom infrastructure arm Reliance Infratel has around 43,000 towers and 1,72,000 route kilometres of fiber. Lenders are expected to get around Rs 4,400 crore from the resolution process, sources had earlier said.
Sources further said that the distribution of the proceeds from the resolution plan is subject to the disposal of the Doha Bank Intervention Application.