The National Company Law Tribunal (NCLT) has granted approval to the resolution plan for Reliance Communications Infrastructure Limited (RCIL), a subsidiary of the insolvent Reliance Communications Limited. The endorsed plan was submitted by Reliance Projects and Property Management Services Limited, selected by the Committee of Creditors during their meeting on August 5, 2021. Subsequently, the resolution professional of RCIL filed an application with the NCLT Mumbai on August 31, 2021, seeking the tribunal’s approval under Section 31 of the Insolvency and Bankruptcy Code.
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Reliance Communications is currently undergoing the corporate insolvency resolution process in accordance with the Insolvency and Bankruptcy Code, 2016. The recent NCLT approval follows last week’s nod for the sale of specific real estate properties of Reliance Communications. This approval, outlined in the filing, stems from the resolution professional’s application seeking NCLT approval to proceed with the sale of certain unencumbered assets of the company.
