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Rcom to enter bankruptcy proceedings, lenders likely to claim up to Rs. 90,000 cr
Reliance Communication might face claiming up to Rs 90,000 crore double of what they expected from the lenders. All you need to know.
It seems Anil Ambani is in trouble because the debth count is double of what they expected. Earlier it has been reported that the RCom had a debt of Rs 46,000 crore on its books, but now the lenders of the company have claimed that RCom is expected to clear dues of up to Rs 90,000 crore which is double of the amount which the company claimed.
"Indian and global banks, as well as operational creditors including the government, mobile phone companies and telecom tower firms, have started submitting demands for dues to RBSA Advisors LLP, the interim resolution professional (IRP) appointed to oversee the insolvency process of the Anil Ambani-owned telco," The Economic Times quoted people familiar with the matter.
According to the report, May 21 is said to be the last date to send the claims. The spokesperson said that the lenders are asking for dues worth Rs 75,000 to Rs 9000 crore. There might be a possibility that it will go beyond that.
"Besides the national banks, Chinese lenders and bondholders will demand their dues along with interests. This is one of the largest claim amount seen in an insolvency case." ET quoted a source.
Just to recall, Essar Steel went into insolvency back in 2017 with one of the biggest cases under IBC. Rs 82,541 crore was claimed by the lenders and the National Company Law Tribunal admitted Rs 54,565 crore.
RCom shut down its wireless operations back in 2017, after an intense competition with Reliance Jio. The company has also tried selling its spectrum and towers to Reliance Jio, but it was not it was failed due to legal cases.
Let's see what RCom is going to do with the claims and insolvency process.