- Jio Infocomm emerged as a successful bidder but the matter is stuck due to legal issues
- Want changes so that Successful applicants are disincentivized from withdrawing/modifying resolution plans
FOUR FINANCIAL INSTITUTIONS, including two Chinese banks, have written to finance minister Nirmala Sitharaman and the Insolvency and Bankruptcy Board of India (IBBI) seeking their intervention to speed up the resolution process of Reliance Infratel (RITL), the tower arm of Reliance Communications. China Development Bank, Export-Import Bank of China, Shubh Holdings Pte and SC Lowy Asset Management are the signatories to the letter.
Highlighting the roadblocks faced by them and other instances like successful resolution applicants reneging on their plans, these institutions have urged the ministry of corporate affairs and IBBI to consider appropriate legislative amendments to the Insolvency and Bankruptcy Code (IBC) so that successful applicants are disincentivized from withdrawing or modifying their resolution plans.
This story is from the March 15, 2022 edition of Financial Express Mumbai.
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This story is from the March 15, 2022 edition of Financial Express Mumbai.
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