Friday, 26 February, 2021


Com hopes to cut debt after SC allows asset sale

Relief for Reliance Communications as Supreme Court allows partial sale of RCom's assets Com hopes to cut debt after SC allows asset sale
Kristine Garrett | 06 April, 2018, 17:21

The Hon'ble SC has directed that secured lenders can proceed with the asset sales in accordance with law.

RCom also said it will file an appeal before the National Company Law Appellate Tribunal (NCLAT) on Friday. The company said it's appealing this to the Supreme Court with the hope of also being able to proceed quickly with the sale of tower and fibre assets.

Both R-Com and the State Bank of India had subsequently moved the apex court.

Accordingly, there is now no bar in immediately completing the asset sales of spectrum, MCNs (media convergence node) and real estate, and the same shall be concluded expeditiously. The distribution of proceeds of only the tower and fibre will be subject to the final decision of the NCLAT on April 18.

"By an interim order passed today, NCLAT has vacated the remaining stay, and allowed execution of sale deeds and deposit of the proceeds with SBI in an escrow account".

The stay by the High Court was imposed after unsecured creditor and vendor of services Ericsson demanded to be paid Rs 1,150 cr for the network management services that it has been providing.

The Anil Ambani led firm said that the claim of the minority investors, which is fully disputed by RCom, can, in any case, be a maximum of approximately Rs 200 - 300 crore from the sales proceeds.

The Supreme Court on Thursday cleared the decks for the sale of its assets, including spectrum, to Reliance Jio Infocomm as it vacated a stay granted by the High Court.

Reliance Communications stocks traded at Rs 24.30, up by 4.07 percent, on the BSE in early trade on Friday on the back of the Supreme Court allowing the Anil Ambani -owned telco to sell most of its assets to Reliance Jio Infocomm to pare its almost Rs 45,000-crore debt. What we have achieved, in the face of extraordinary challenges, is truly historic and unprecedented in Indian corporate history.

On a consolidated basis, RCom reported net loss of Rs 113 crore in Q3 December 2017 as against net loss of Rs 488 crore in Q3 December 2016.

Ambani said that in the debt reduction, there would be no write-off for any lender or bondholder.

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