NCLT allows RP 90 more days to complete RCom insolvency

MUMBAI: National Company Law Tribunal (NCLT) has allowed resolution professional (RP) of bankrupt telco Reliance Communications (RCom) an additional 90 days to complete the insolvency proceedings, stretching the deadline to January, next year .

RP petitioned NCLT for an extension as its 180 days period to complete resolution for RCom was getting over in middle of October. "The NCLT approved it on Tuesday,” said a person aware of the developments.

Deloitte, the RP which is overlooking the affairs of RCom and its units -Reliance Telecom and Reliance Infratel, will now have to complete asset sale for the telco by January 2020.


RCom keeled over under Rs 46,000 crore of debt and is undergoing insolvency proceedings with its assets up for sale. It resurrected its insolvency proceedings this March after its asset monetisation plans with Reliance Jio fell through .

The operator has also been waging legal battles against the telecom department and other operational creditors over dues. Lenders —financial and operational— have put in claims worth nearly Rs 90,000 crore against the telco .
The additional days will provide the committee to creditors (CoC) and RP more time to resolve issues over dues and finalise the asset sale . So far, 12-14 companies have shown their interest over its spectrum, fibre and towers.

Deloitte and RCom didn't immediately respond to ET's emailed queries seeking comment.