The National Company Law Appellate Tribunal (NCLAT) has stayed the orders of National Company Law Tribunal (NCLT), Mumbai, dated 15 May 2018 and 18 May 2018, of IBC admission of RCOM, Reliance Infratel Limited (RITL) and Reliance Telecom Limited (RTL) and allowed the company to proceed with asset sales.
RCOM’s asset sale to Reliance Jio and Brookfield for an aggregate value of Rs. 18,100 crore has been allowed to proceed by NCLAT. The assets sale includes spectrum, fiber, telecom towers, MCNs and certain real estate assets in Delhi and Chennai.
RCOM expects to now complete the sale of its assets within the next few weeks, having removed legal hurdles of cases by minority investors of RITL and Ericsson, thereby achieving an overall debt reduction of approximately Rs. 25,000 crore from the first phase of its asset monetization program, as detailed in the media release issued on 26 December 2017.