Debt ridden Reliance Communications’ committee of creditors (CoC) will hold a meeting on Wednesday, the company announced in a regulatory filing on Tuesday.
“We wish to inform you that the 16th meeting of committee of creditors of Reliance Communications (RCom) is scheduled to be convened on Wednesday, January 8, 2020,” RCom said in a filing to BSE.
The company is going through the corporate insolvency resolution process under the supervision of the Mumbai-bench of National Company Law Tribunal (NCLT) as the lenders have claimed of around Rs 49,000 crore.
The company’s secured debt of around Rs 33,000 crore.
In order to pay the debt, RCom has put all of its assets for sale. It also includes spectrum holding of 122 MHz, towers business, optical fibre network and data centres.
As the company reported a consolidated loss of Rs 30,142 crore for July-September due to provisioning for liabilities after the Supreme Court’s ruling on statutory dues, the firm’s chairman Anil Ambani has tendered his resignation. But the CoC has rejected Ambani’s resignation and asked to cooperate in insolvency proceedings.
This was the second-highest loss posted by any Indian corporate till date.
(With input from agencies)