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NCLAT stays distribution of Reliance Infratel's Rs.4,400-Cr assets

Business Line  

The National Company Law Appellate Tribunal (NCLAT) has stayed the allocation of INR 4,400-crore proceeds from the sale of Reliance Infratel Ltd's (RITL) tower and fibre assets. The NCALT decision is based on an appeal filed by Doha Bank-led External Commercial Borrowing (ECB) loan syndicate. This would mean that the Chinese banks-led consortium, which were the indirect lenders to the company, would not get any proceeds from the resolution process of RITL. RITL is a subsidiary of Anil Ambani-controlled Reliance Communications (RCom), which had filed for insolvency in 2019.