MUMBAI : A proposal by lenders to Reliance Communications Ltd (RCom) to seek fresh bids despite selecting UV Asset Reconstruction Co. Ltds (UVARCL) resolution plan could lead to prolonged litigation, said three legal experts.
A decision based on the outcome of another insolvency case involving UVARCL would only cause delay as RComs resolution plan has already been approved by the lenders and is awaiting a final nod from the National Company Law Tribunal (NLCT), said the experts.
The Economic Times reported on 7 July that the lenders are discussing whether they could call for fresh bids over concerns that UVARCLs plan for another telco Aircel was not approved by the Reserve Bank of India (RBI). Last year, a resolution plan by UVARCL w…
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