Mumbai: Reliance Communications (RCOM) will propose a similar debt resolution Plan in the National Company Law Tribunal (NCLT) process, as was earlier being pursued outside NCLT, the company said on said Sunday.
Earlier this week, RCOM said its Board of Directors has decided to implement a debt resolution plan through the Mumbai bench of the NCLT.
"Key elements of the Debt Resolution Plan remain unchanged, including sale of all telecom infrastructure assets and spectrum, strategic monetisation of GCX, IDC and Indian enterprise business, development of 30 million sq ft at the Dhirubhai Ambani Knowledge City complex and sale of other real estate assets," a statement said.
"The company has been faced with various mostly, untenable issues raised by the Depratment of Telecommunications. These issues inter alia resulted in numerous legal issues at High Courts, TDSAT and the Supreme Court, which frustrated the existing plan and can now be addressed/resolved under the NCLT process."
Foreseeing a fast-track resolution through the NCLT in 2019, RCOM said the challenges raised by unreasonable minority lenders can be now be overcome through the NCLT's 66 per cent majority rule, against the 100 per cent approvals principle followed outside NCLT.
"The RCOM Board will actively participate (without voting rights) in the NCLT resolution process," the statement said.
"The Board also expects strong support from and requisite approvals of the Creditors' Committee, Resolution Professionals and NCLT in the interest of all stakeholders."
The company said on Friday that 100 per cent approval of all its 40 lenders had been impossible and its Board was of the opinion that resolution through the NCLT framework would be in the best interests of all stakeholders.