New Delhi, Feb 1 (IANS) Reliance Communications (RCOM) on Friday said its Board of Directors has decided to implement a debt resolution plan through the Mumbai bench of the National Company Law Tribunal (NCLT).
In a statement RCOM said that 100 per cent approval of all its 40 lenders had been impossible and the Board was of the opinion that resolution through the NCLT framework would be in the best interests of all stakeholders.
"The Board decided that the company will seek fast-track resolution through NCLT, Mumbai. The Board believes this course of action will be in the best interests of all stakeholders, ensuring comprehensive debt resolution in a final, transparent and time bound manner within the prescribed 270 days," it said.
It also noted that pendency of numerous legal issues at High Courts, the Telecom Telecom Disputes Settlement and Appellate Tribunal (TDSAT) and Supreme Court have obstructed progress at the various stages.
RCOM and only two of its subsidiaries, Reliance Telecom and Reliance Infratel, will take appropriate steps shortly to implement the Board decision, said the statement.
"There will be no impact on the business and operations of other subsidiaries of the Company, including inter alia GCX, Reliance IDC, etc," it said.