The companies couldn’t be immediately reached for comment.
In November, the National Company Law Tribunal (NCLT) in Mumbai had approved the (RITL) acquisition by Reliance Project and Property Management Services Limited (RP&PMSL), the arm of Reliance Jio that looks into the telco’s tower business.
Under the NCLT’s directions, Jio was to deposit Rs 3720 crore in an SBI escrow amount, to be distributed among Rcom’s lenders at a later date.
Jio had proposed the acquisition as part of the resolution plan in the insolvency proceedings that Rcom is undergoing. While the plan had got the approval from the NCLT and the committee of creditors, the matter had been stuck since there was no consensus on how the funds raised from the acquisition will be distributed among the creditors which include the likes of SBI, Emirates Bank and Doha Bank.
As a result, Jio had filed a petition with the NCLT to issue directions to RTIL’s financial creditors to provide the necessary no-dues-certificate to it to speed up the much-delayed RTIL bankruptcy resolution process.
The matter of funds distribution is currently in the Supreme Court, and according to the NCLT order in November, the funds in the escrow account shall be distributed in accordance with the apex court’s ruling.
