NCLT Mumbai Grants Approval for Reliance Communications’ Real Estate Asset Sale

In a significant development, the National Company Law Tribunal’s (NCLT) Mumbai bench has granted approval for the sale of real estate assets belonging to telecom giant Reliance Communications (RCom), according to a regulatory filing on Wednesday.

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The approval stems from an application filed by the resolution professional of RCom, seeking NCLT’s endorsement for the sale of specific unencumbered assets of the company. The order, dated December 7, makes it clear that the resolution professional can proceed with the sale of assets under Regulation 29 of the Corporate Insolvency Resolution Process (CIRP) Regulations after submitting the resolution plan for approval by the tribunal.

The NCLT order emphasizes, “This Tribunal accords its approval to the Applicant to conduct the sale of the Assets of the Corporate Debtor in terms of Regulation 29 of the CIRP Regulations.” The proceeds from this sale will be treated as unencumbered assets of the Corporate Debtor and will be distributed during the implementation of the approved resolution plan or in the event of liquidation.

Among the assets identified for sale are the Chennai Haddow Office of RCom, which includes both land and building components, a land parcel in Ambattur, Chennai spanning approximately 3.44 acres, a 871.1 square meter land parcel in Pune, an office space in Bhubaneswar, and strategic investments in shares of Campion Properties and Reliance Realty.

This development holds significant implications for the ongoing insolvency proceedings and the future course of action for Reliance Communications. Keep abreast of the latest updates on this matter as we provide detailed coverage and insights into the approved resolution plan and the assets involved in the sale.

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