The indebted telecommunications company Reliance Communications said on Wednesday that the group owed approximately 26,000 crore rupees to Indian banks and financial institutions. Indian banks, vendors and other creditors have made claims of around Rs 86,000 crore on the company which is currently the subject of insolvency proceedings.
“According to figures certified by the resolution professional appointed by the lenders, the RCOM group owed approximately Rs 26,000 crore to Indian banks and financial institutions as of the date of filing with the NCLT,” Reliance Communications (RCom) said in a statement.
The creditors have submitted claims of approximately Rs 49,000 crore on RCom, Rs 24,000 crore on Reliance Telecom and Rs 12,600 crore on Reliance Infratel before the National Company Law Tribunal (NCLT).
“The alleged classification of ‘fraud’ by some banks is totally unwarranted and unjustified, and the Delhi High Court, by an interim order, ordered that it be kept in abeyance for the time being, and the case is now pending. , “said RCom.
He added that resolution plans unanimously approved by lenders are in various stages of approval prior to NCLT, and when implemented, lenders are likely to recoup at least 70 percent of their dues, with potential for further rise.
“Financial stress in the telecoms sector, due among other things to the entry of a new player in 2016 with unlimited free offers, was not unique to Rcom, but decimated the entire sector, and led the shutdown of services by Aircel, Sistema, Videocon, Tata Docomo and several other players, and also severely affected the finances of global giants like Vodafone in its Indian operations, ”said RCom.
The company said Vodafone Idea reported losses totaling Rs 1 lakh crore over the past 15 months.
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