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Chinese language Banks could get Rs 7,000 crore from RCom, RTL decision plan: Report

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NEW DELHI: Chinese language Banks are slated to get 30 per cent or Rs 7,000 crore from Reliance Communications (RCom), Reliance Telecom and Reliance Infratel decision plan, whereas the telecom department could also be left with no proceeds coming its method within the present scheme of issues, a supply stated.
The Nationwide Firm Legislation Tribunal (NCLT) Mumbai is scheduled to listen to the decision plan of RCOM, RTL and RITL on Friday, the supply added.
Chinese language Banks — China Development Bank, China Exim Bank and Industrial and Commercial Bank of China (ICBC) — will get a lion share of 30 per cent or Rs 7,000 crore in RCOM/RTL/RITL decision plan, with the DoT getting nothing if the proposed plan goes forward, banking sources famous.
The Committee of Collectors (COC) has determined to offer nothing to the DoT out of the full proceeds of Rs 23,000 crore from decision plan, because the division is being thought of as an operational creditor.
Chinese language Banks, however, could stroll away with a big share of about Rs 7,000 crore (30 per cent), whereas different overseas lenders will get Rs 2,300 crore (10 per cent share), and SBI and Indian Banks Rs 13,000 crore from the proceeds below the present plan.
It’s pertinent to say that the division of telecommunications (DoT) has objected to the debt decision scheme proposed for Reliance Communications and subsidiary Reliance Telecom Ltd (RTL) below the Insolvency and Chapter Code.
Earlier this week, the DoT informed the Nationwide Firm Legislation Tribunal’s (NCLT) Mumbai Bench that the stated decision, cleared by the lenders, didn’t think about the statutory AGR dues to be paid to the federal government.
The NCLT had directed the DoT to file their submission by Friday, when the matter can be heard.

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