The committee of creditors (CoC) of Reliance Communications Ltd (R-Com) will be meeting on Wednesday where they are set to assess the offers made by bidders that include Reliance Jio.
“We wish to inform you that the 16th meeting of committee of creditors of R-Com is scheduled to be convened on Wednesday, January 8, 2020,” R-Com said in a communication to the stock exchanges on Tuesday.
R-Com is going through the corporate insolvency resolution process under the supervision of the Mumbai-bench of the NCLT.
The Anil Ambani-company had put all of its assets for sale, which include spectrum holding of 122 MHz, towers business, optical fibre network and data centres.
Earlier, Ambani had tendered his resignation after R-Com posted a consolidated loss of Rs 30,142 crore for the July-September period because of provisioning for liabilities after the Supreme Court’s ruling on statutory dues. However, the CoC has rejected his resignation and asked him to co-operate in the insolvency proceedings.
Apart from Jio, the other bidders include Bharti Airtel, UV Asset Reconstruction and private equity player Varde Partners. While the resolution process was scheduled to be completed by January 10, it is learnt that the lenders may seek an extension of the deadline. The lenders had submitted claims of around Rs 49,000 crore in August.
In a separate filing with the bourses, R-Com said its financial indebtedness stood at Rs 32,575 crore comprising Rs 28,825 crore in loan default and Rs 3,750 crore in NCD defaults.
During July-September 2019, R-Com had set aside Rs 28,314 crore on account of provisioning following the Supreme Court order on the calculation of annual adjusted gross revenue (AGR) of telecom companies.
The apex court had upheld the government's position on including revenue from non-telecommunication businesses in calculating annual AGR, a share of which has to be paid as licence and spectrum fee to the exchequer.
With effect from June 28, 2019, R-Com is being managed resolution professional Anish Niranjan Nanavaty, appointed by NCLT, Mumbai.
