"Reliance Infratel will also get Rs 455 crore towards the equity and Working Capital needs from RIL subsidiary. Rest of the amount will be distributed among operational creditors, employees etc," the source said.
NCLT, Mumbai had approved the Reliance Infratel resolution plan on December 3, 2020 in favour of a RIL subsidiary-- Reliance Projects and Property Management Services Ltd.
The tribunal had also noted that the distribution of proceeds to the financial creditors was subject to the disposal of Doha Bank's application.
Reliance Infratel had issued certain guarantees in favour of Reliance Communications (RCom)
and Reliance Telecom Ltd (RTL)lenders but the lenders of these two companies
invoked guarantees when they defaulted and converted them into debt.
Doha Bank's contention was that the direct lenders of Reliance Infratel had a first right over the proceeds from the company's resolution plan, and not the corporate guarantee holders of RCom and RTL.
NCLT in its order on Tuesday upheld Doha Bank's plea, thus paving the way for 100 per cent recovery for the financial creditors of Reliance Infratel, and the implementation of the Resolution Plan is expected to be complete by March 31, 2021, the source said.
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