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NCLT approves landmark resolution plan for RCIL

The National Company Law Tribunal (NCLT) has approved the resolution plan for Reliance Communications Infrastructure Limited (RCIL), a subsidiary of bankrupt Reliance Communications Limited, said the company.

“A resolution plan submitted by a resolution applicant, Reliance Projects and Property Management Services Limited, in respect of RCIL, was approved by the committee of creditors of RCIL pursuant to its meeting dated August 5, 2021, following which an application had been filed by the resolution professional of RCIL on August 31, 2021 with the NCLT Mumbai, inter alia, seeking approval of the resolution plan of RCIL under Section 31 of the Code,” said a press release by RCIL.

Reliance Communications is under corporate insolvency resolution process pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016.

Last week, the NCLT gave its approval for the sale of specific real estate properties of Reliance Communications . The filing attached an order of the NCLT’s Mumbai Bench in the matter of application filed by the resolution professional of RCom, seeking approval from the NCLT for undertaking the sale of certain unencumbered assets of the company. Business Standard

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