RCom group owes round Rs 26,000 cr to Indian banks, monetary establishments: Company

Image Source : FILE RCom group owes round Rs 26,000 cr to Indian banks, monetary establishments: Company
Debt-ridden telecom agency Reliance Communications on Wednesday stated the group owes round Rs 26,000 crore to Indian banks and monetary establishments. The Indians banks, distributors and different collectors have made claims of round Rs 86,000 crore on the corporate which is at the moment going by means of insolvency proceedings.
“As per figures certified by the Resolution Professional appointed by the lenders, the RCOM group owed around Rs 26,000 crore to Indian banks and financial institutions as on the date of filing before the NCLT,” Reliance Communications (RCom) stated in a press release.
The collectors have submitted claims of round Rs 49,000 crore on RCom, Rs 24,000 crore on Reliance Telecom and Rs 12,600 crore on Reliance Infratel earlier than the National Company Law Tribunal (NCLT).

“The alleged ‘fraud’ classification by certain banks is entirely unjustified and unwarranted, and the Hon’ble Delhi High Court by an interim order has directed the same to be kept in abeyance for the time being, and the matter is now sub judice,” RCom stated.
It additional stated that the Resolution Plans unanimously agreed by the lenders are at numerous phases of approval earlier than the NCLT, and upon implementation thereof, the lenders are more likely to recuperate not less than 70 per cent of their dues, with potential subsequent upside.
“The financial stress in the telecom sector, owing inter alia to the entry of a new player in 2016 with unlimited free offerings, was not unique to Rcom, but decimated the entire industry, and led to the shutdown of services by Aircel, Sistema, Videocon, Tata Docomo and several other players, and also severely impacted the financials of global giants like Vodafone in its Indian operations,” RCom stated.
The firm stated that Vodafone Idea has reported losses aggregating Rs 1 lakh crore within the final 15 months.
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