With lenders approving a Rs 23,000 crore resolution plan for Reliance Communication, as much as Rs 5,500 crore will flow to Chinese banks, clearing about 55 percent of their principal dues, including of those lenders to whom firm's promoter Anil Ambani had allegedly given a personal guarantee
RCom creditors approve Rs 23,000 cr asset sale plan to highest bidders Jio, UV Asset Reconstruction Company: Report
Under the plan, 38 lenders of RCom can recover over 70 percent of their outstanding of Rs 33,000 crore secured debt
RCom creditors panel to vote on Rs 23,000-cr resolution plans on 24 February; loans of Chinese lenders to reduce by nearly 65%
RCom's secured debt is estimated to be around Rs 33,000 crore. Lenders submitted claims of around Rs 49,000 crore in August.
Reliance Jio has placed Rs 4,700-crore bids for mobile tower and fibre assets of Reliance Infratel Ltd (RITL), a subsidiary of RCom
Anil Ambani's RCom's bankruptcy begins as NCLT allows firm to exclude 357 days spent in litigation; next hearing on 30 May
At the last hearing, RCom had sought 357 days (from 30 May, 2018 to 30 April, 2019) exclusion in the insolvency process citing the stays it had on the process by the NCLAT and the Supreme Court.
NCLAT to decide over insolvency plea of debt-ridden RCom; tribunal to consider DoT's reply on 30 April
Earlier on 4 February, the tribunal had said that until further orders of the NCLAT or the Supreme Court, no one can sell, alienate, or create third-party rights over RCom's assets.
IDBI Bank to sell several large loans to lenders, financial institutions in a bid to clean up its books faster
IDBI Bank is planning to sell bad loans to banks, financial institutions or asset restructuring companies in order to steps up efforts to recover dues from loan offenders
Reliance Communications said it is confident of raising the remaining about Rs 200 crore for payment to Ericsson
A day after Supreme Court verdict against Anil Ambani, RCom asks lenders to release Rs 260 cr directly to Ericsson
Observing there was a 'willful default', the Supreme Court ordered RCom to clear the Rs 453 crore dues to Swedish telecom equipment maker Ericsson within four weeks or face a 3-month jail term.
Ericsson-RCom case: Supreme Court holds Anil Ambani guilty of contempt, asks him to pay dues of Rs 453 cr in 4 weeks
The RCom chairman and others will have to purge contempt by paying Rs 453 crore to Ericsson in four weeks, the Supreme Court said.
The Supreme Court of India had issued notice to Anil Ambani and others on a contempt petition filed by Ericsson India over non-payment of its dues.
RCom is under debt resolution process under the Insolvency and Bankruptcy Code, 2016 (IBC) and has not been paying any dues till the completion of the process.
Supreme Court orders status quo on sale of assets by R-Com to Reliance Jio, posts final hearing on 5 April
The SC directed maintenance of status quo on sale of assets of Anil Ambani-led Reliance Communication to Reliance Jio on a plea of a banks' consortium
After the 2g spectrum case verdict, Unitech surged 19.91 percent, D B Realty 19.89 percent, RCom 13.49 percent and Sun TV Network 5.98 percent on BSE.
Ericsson is aiming to recover 4.91 billion rupees from Reliance Communications, 5.35 billion from Reliance Infratel and 1.29 billion rupees from Reliance Telecom
A total of 380.75 MHz of spectrum was put on sale in the premium 900 MHz band, 1,800 MHz and 800 MHz, while 5 MHz was up for bidding in the 2,100 MHz band, used for 3G mobile services, across 17 out of 22 telecom.
Government's proceeds from the spectrum auction on Friday crossed Rs 1 lakh crore mark as aggressive bidding took place across all bands on the eighth day of the biggest sale of 2G and 3G airwaves.
The government has garnered Rs 94,000 crore worth of bids from telecom players at the end of five days of spectrum auction today.
A total of 380.75 MHz of spectrum is on offer in the premium 900 MHz band, 1,800 MHz and 800 MHz while 5 MHz is up for bidding in the 2,100 MHz band across 17 out of 22 telecom areas or circles in the country.