RCom's committee of creditors to meet tomorrow

Reliance Communications‘ committee of creditors (CoC) will hold a meeting on Wednesday, the company said 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.

Reliance Communications is going through the corporate insolvency resolution process under the supervision of the Mumbai-bench of National Company Law Tribunal.

The company’s secured debt is estimated to be around Rs 33,000 crore. Lenders have submitted claims of around Rs 49,000 crore in August.

RCom has put all of its assets for sale which include spectrum holding of 122 MHz, towers business, optical fibre network and data centres.

The firm’s chairman Anil Ambani has tendered his resignation after the company posted 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.

This was the second-highest loss posted by any Indian corporate till date. However, the CoC has rejected Ambani’s resignation and asked to cooperate in insolvency proceedings.