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Monday, September 21, 2020

DoT opposes RCom resolution plan, says won’t be able to recover its dues

The current resolution plan, approved by CoC in March, entails realisation of around Rs 23,000 crore from sale of RCom assets and clawback of money paid to some lenders.

By: ENS Economic Bureau | Mumbai | August 20, 2020 3:01:10 am
Anil Ambani ordered to pay $700 million in dispute with Chinese banksAnil Ambani. (File)

The Department of Telecommunications (DoT) has opposed the resolution plan of Anil Ambani’s Reliance Communications (RCom) and Reliance Telecom, on the grounds that it will not be able to recover its dues under the current resolution proposal approved by the committee of creditors (CoC).

The National Company Law Tribunal Wednesday asked DoT to submit it’s objections in writing by August 21. The DoT has claimed adjusted gross revenue (AGR) dues from RCom of Rs 25,199.27 crore, and claimed that RCom’s deferred liability for spectrum purchased between 2014-2016 amounts to Rs 1,597.68 crore, as on October 2019. The current resolution plan, approved by CoC in March, entails realisation of around Rs 23,000 crore from sale of RCom assets and clawback of money paid to some lenders.

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