Debt-ridden telecom firm Reliance Communications on Wednesday said the group owes around Rs 26,000 crore to Indian banks and financial institutions.
The Indians banks, vendors and other creditors have made claims of around Rs 86,000 crore on the company which is at present going through insolvency proceedings.
“According to figures certified by the resolution professional appointed by the lenders, the R-Com group owed around Rs 26,000 crore to Indian banks and financial institutions as on the date of filing before the NCLT,” Reliance Communications (R-Com) said in a statement.
The creditors have submitted claims of around Rs 49,000 crore on R-Com, Rs 24,000 crore on Reliance Telecom and Rs 12,600 crore on Reliance Infratel before the National Company Law Tribunal (NCLT).
“The alleged ‘fraud’ classification by certain banks is entirely unjustified and the Delhi High Court by an interim order has directed the same to be kept in abeyance for the time being, and the matter is now sub judice,” R-Com said.
It further said that the resolution plans are at various stages of approval before the NCLT and the lenders are likely to recover at least 70 per cent of their dues.
“The financial stress in the telecom sector, owing inter alia to the entry of a new player in 2016 with unlimited free offerings, was not unique to R-Com, but decimated the entire industry,” it said.
