RCom seeks NCLT’s help for a speedy deal between RCom and Jio

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RCOM on Tuesday stated it referred a proposal to National Company Law Tribunal (NCLT), under which Reliance Jio agreed to acquire all asserts of RCom and made plea for relaxing RBI’s order issued in February 2008.

The circular by RBI mandated, the acceptance of 100% members to offer a debt resolution, which is posing a hurdle in the sale of Anil Ambani led RCom to Mukesh Ambani’s Reliance Jio

RCom on Tuesday said, despite meeting for 45 rounds, its 37 leaders were not able to come to any consensus, for the sale of all asserts of RCom to Reliance Jio as the circular by RBI requires the nod of all the creditors before the sale of asserts.

A top executive of the RCom said, we have referred the proposal of the sale of our telecom assets to to the NCLT. We are neither under the Insolvency and Bankruptcy Code (IBC) nor (under) the insolvency process. All we want is relief from the 100 per cent rule. Under the IBC a minimum of 66 per cent of the members endorsing a proposal is enough to give the resolution proposal a clearance. As 95-97 per cent of the creditors voted for the sale of the RCom telecom assets, we are making a plea for relaxing the 100 per cent rule.”

Since its arrival Reliance Jio has been trying to buy the telecom asserts of RCom, in a 18,000 crore deal but, the deal is not getting final cause of RBI’s February 2008 order. RCom is also fighting a case concerned with the matter in court.

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