SC restores claims worth ₹10,952 cr of Reliance Infratel's 4 indirect creditors
Subscribe to enjoy similar stories. NEW DELHI : The Supreme Court on Friday upheld the claims, amounting to more than ₹10,952 crore, of four indirect creditors of Reliance Infratel Ltd, the tower and fibre business of Anil Ambani's telecom company Reliance Communications Ltd (RCom). Reliance Infratel’s total debt exceeds ₹41,055 crore.
In 2022, the National Company Law Appellate Tribunal (NCLAT) rejected the creditors' claims, following a plea by financial creditor Doha Bank, which had objected to the recognition of these indirect creditors—Exim Bank of China, Assets Care and Reconstruction Enterprise (ACRE), Shubh Holdings, and China Development Bank. A bench comprising justice Abhay S. Oka and justice Augustine George Masih set aside the NCLAT order and restored the National Company Law Tribunal’s (NCLT) 2020 order, which had allowed these claims.
In 2022, Reliance Jio’s subsidiary, Reliance Projects and Property Management Services Ltd (RPPMSL), completed the acquisition of a 100% stake in Reliance Infratel for approximately ₹3,720 crore. In 2020, the NCLT approved Reliance Industries Ltd's resolution plan that included an offer of ₹4,235 crore to Reliance Infratel’s lenders, including ₹3,720 crore as an upfront payment. According to that plan, State Bank of India was to be paid ₹728 crore, Mahima Mercantile ₹514 crore, SC Lowy and VTB Capital ₹511 crore each, Doha Bank ₹409 crore, Emirates NBD ₹322 crore, Industrial and Commercial Bank of China (ICBC) ₹278 crore, and Standard Chartered Bank ₹242 crore.
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