The National Company Law Tribunal (NCLT) in Mumbai has given the green light for the sale of specific real estate belonging to telecom giant Reliance Communications (RCom), as stated in a regulatory filing on December 13.
The file, accompanied by an NCLT Mumbai bench order, relates to an application made by RCom’s resolution professional. The petition sought the NCLT’s support to proceed with the sale of certain unencumbered assets owned by the company.
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Approval Granted for Active Sale
The NCLT order, dated December 7, expressly stated that the resolution professional is authorized to sell the assets of the company, as described in the application, under Rule 29 of the CIRP Regulations, after submission of the resolution plan for court approval.
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According to the directive of the court, the resolution professional is entitled to initiate the sale of the assets of the Corporate Debtor in accordance with Rule 29 of the CIRP Regulations. The proceeds of this sale will be considered unencumbered assets of the Corporate Debtor and will be distributed during the execution of the approved resolution plan or during liquidation, as the case may be.
Assets scheduled for sale
The identified assets slated for sale encompass various properties, notably the Chennai Haddow Office consisting of land and building, a plot of land containing approximately 3.44 acres in Ambattur, Chennai, 871.1 square meters of land in Pune, office space located in Bhubaneswar, investments in shares. of Campion Properties, and holdings in shares of Reliance Realty.
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Anil Ambani’s Reliance Group Sees Change
Earlier in June, the Anil Ambani-led Reliance Group appointed Parul Sharma as the group chairman, effective 20 June. Sharma comes with a wealth of experience as a communications strategist.
Sharma led the communications strategy for Rupert Murdoch-owned Star India for 15 years, including the group’s corporate image, publicity, and relations. Before that, she was with the German broadcaster “Deutsche Welle”, based in Cologne. For her current stint, Sharma is based in New Delhi.
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Published: 15 Dec 2023, 07:51 IST
(tagsTo Translate)RCom