July 26th, 2021 12:11 PM 2 COMMENTS

RCom Lenders Very Close to Huge Loss

Reliance Communications, the bankrupt Anil Ambani company, might soon see its telecom license getting cancelled. The Department of Telecommunications (DoT) is set to cancel the telecom license of RCom because the telco has failed to pay the statutory dues. According to a Business Standard report, the bankrupt telco would be served with a show-cause notice before its telecom license is cancelled. For the unaware, RCom’s telecom license is expiring on... Read More

July 9th, 2021 1:08 PM 2 COMMENTS

RCom Lenders Worried About Getting Money Back as DoT Might Not Renew Telecom License

Reliance Communications has been the centre of attraction in the Indian telecom space since the company announced its financial position and bankruptcy. The situation has become worse for the RCom since the DoT has rejected the plea of renewing the telecom license for another 20 years. In the latest development, the resolution professional for Reliance Communications has stated to the bankruptcy court that the insolvency process will be ruined if... Read More

July 7th, 2021 1:00 PM 0 COMMENTS

RCom Lenders Eye Fresh Bids With Deloitte

Reliance Communications have been under heavy distress because of the cash-crunch and bankruptcy situation. Back on Tuesday, the shares of Reliance Communication hit the lower circuit after DoT refused to renew its license. In the latest development, the lenders of Reliance Communications have formed a group led by the State Bank of India (SBI) to hold discussions with resolution professional Deloitte on discussing whether rebidding for bankrupt’s telco assets is... Read More

June 17th, 2021 6:29 PM 1 COMMENTS

Reliance Communications Asks DoT to Renew Telecom License for 20 Years

To retain rights over the spectrum and keep the enterprise business alive, the bankrupt entity Reliance Communications (RCom) has requested the telecom department to renew its telecom license for a period of 20 years. In response, the Department of Telecommunications (DoT) has demanded the ownership details of Rcom. As reported by ET Telecom, Reliance Communications is managed by a resolution professional (RP) Deloitte as part of the bankruptcy process under... Read More

June 10th, 2021 11:47 AM 6 COMMENTS

Reliance Jio Asks Questions, SBI Shakes

A few days back, Reliance Jio had gone to the bankruptcy court for wanting access to the audit report of Reliance Infratel and RCom. This is because the State Bank of India (SBI) had marked both the companies as ‘fraud’. But after seeing Jio asking questions, the SBI has taken a step back and is withdrawing its allegations of fraud against the concerned companies. According to an ET Telecom report,... Read More

June 3rd, 2021 9:47 AM 0 COMMENTS

Aircel Lenders Approach Supreme Court Over NCLAT Order

The Committee of Creditors (CoC) of Aircel has approached the Supreme Court (SC) to overrule the order of the National Company Law Appellate Tribunal (NCLAT) that restrict them from selling the spectrum before the overall dues of the company are cleared. Because of the order, Aircel might have to move towards liquidation, which will hurt all of its lenders who are trying to recover their money from the company. To... Read More

May 27th, 2021 9:20 PM 2 COMMENTS

Jio Approaches NCLT to Understand Why Creditors Termed RComs Accounts Fraudulent

Earlier today Reliance Jio Infocomm or Jio moved the bankruptcy court against Rcom or Reliance Communications tower unit, Reliance Infratel as per ET Telecom. This was done with the intention of seeking disclosures of the forensic audit reports of the tower company whose accounts were called fraudulent by some lenders. In a virtual hearing, Vikram Nankani, representing Jio stated that they wanted a copy of the forensic audit report that... Read More

April 18th, 2021 9:38 PM 4 COMMENTS

Aircel, Rcom Might Resort to Liquidation After NCLAT Decision: Report

Last week, The National Company Law Appellate Tribunal (NCLAT) announced its verdict in the Aircel vs the Department of Telecommunications (DOT) case. The verdict had a direct effect on the resolution plans of Aircel and Reliance Communication Ltd. (RCom) The resolution plan of UV Asset Reconstruction Company Ltd. (UVARCL) for Aircel was approved in June 2020.  However, according to an IANS report, experts believe that NCLAT's decision has rendered the... Read More

April 15th, 2021 12:21 PM 4 COMMENTS

RCom and Aircel’s Resolution Plans in Trouble After NCLAT Judgement

Much recently, the National Company Law Appellate Tribunal (NCLAT) said that the telcos under insolvency process or Insolvency and Bankruptcy Code (IBC) can’t ‘use or transfer’ their spectrum until the time they have cleared all government dues. Because of the decision, RCom and Aircel’s resolution plans have taken a hit. According to an ET Telecom report, the lenders of Aircel and the UV Asset Reconstruction Company Limited (UVARCL) might approach... Read More

August 14th, 2020 7:39 PM 66 COMMENTS

Supreme Court Asks Why Jio Shouldn’t Be Paying AGR Dues for Using Spectrum of RCom

AGR (Adjusted Gross Revenue) dues have become a major pain for the telecom industry of India. It has affected not only the operators that are actively providing telecom services, but also the operators which have gone insolvent. Back on October 24, 2019, the Supreme Court had ruled in favour of the Department of Telecommunications (DoT) and held its definition of AGR dues above what telcos were demanding. Telecom companies in... Read More

August 5th, 2019 3:59 PM 11 COMMENTS

Reliance Jio, Airtel and Other Companies Show Interest in Buying Assets and Spectrum from RCom

As the bankrupt telecom operator, Reliance Communications, seeks to sell its assets, it has found many takers for its sale, and it includes some of the big names like Bharti Airtel and Reliance Jio Infocomm. As per a new ET report, the people aware of the matter said that Reliance Jio Infocomm, Bharti Airtel, asset management firms and telecom tower operators have sent Expression of Interest (EoIs) thus showing interest... Read More

July 24th, 2019 11:36 AM 0 COMMENTS

NCLAT Dismisses Contempt Petitions Filed Against RCom Chairman Anil Ambani

The NCLAT on Tuesday dismissed contempt petitions filed against Reliance Group Chairman Anil Ambani and other officials by minority shareholders, alleging non-payment of dues by Reliance Infratel. A two-member bench headed by NCLAT Chairman Justice S J Mukhopadhaya dismissed the pleas against Ambani and officials after observing that consent terms agreed upon between RCom and minority shareholders, including HSBC Daisy Investments (Mauritius), for payment of dues can not be a... Read More

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