SBI Board votes in favour of RCom resolution plan
RCom (Reliance Communication) resolution plan has been approved by the board of State Bank of India (SBI) and the latter will now vote in favour of the plan, as per the sources close to the development said. SBI is the lead lender to RCom.
The Committee of Creditors (CoC) tasked with finding buyers for the Anil Ambani-promoted RCom had started voting on the proposed resolution plan on Monday. The process is expected to end on Wednesday.
SBI did not get board approval to vote for the process when the lenders had met on February 24. The lenders had refrained from voting as many were yet to get authorisations from their respective boards.
Earlier, Mukesh Ambani-led Reliance Jio Infocomm (RJio) and Delhi-based UV Asset Reconstruction Company had emerged as the highest bidder for the assets of RCom and its subsidiaries. The combined bid amount was at ₹21,000 crore.
RCom was referred to the National Company Law Tribunal (NCLT) last May after an offer from RJio for its assets was not approved by the creditors.
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