The transfer comes days after Reliance Jio Infocomm (Jio), the designated purchaser of Infratel’s property, had moved the chapter court docket to search forensic audit studies that had marked the accounts of Infratel and RCom as “fraudulent”.
According to folks within the know, the rushed affidavit was filed over fears that Jio might again out of its plan to purchase Infratel for about Rs 4,000 crore due to the label, dealing a blow to lenders’ efforts to get better a few of their cash. SBI didn’t reply to queries.
“The bank feels that the fraud tag on Reliance Infratel could delay the resolution process and the quantum of recovery could fall further,” mentioned a financial institution government conscious of the matter.
“There is also a fear that the sole buyer could back out because the findings of the forensic report could not be tabled in time when the NCLT gave its stamp of approval to the resolution plan of the company,” mentioned the financial institution government.
On May 27, Jio’s senior counsel had informed the NCLT that it wished to see the audit studies to perceive why three Indian banks didn’t disclose that they’d labeled sure accounts of RCom and its models as fraudulent. The three banks have been SBI, Union Bank of India and Indian Overseas Bank, which had backed a forensic audit that unearthed questionable transactions value Rs 5,500 crore within the three Anil Ambani-led Reliance Group entities.
If the banks had the studies in October 2020 and the decision plan for Infratel was authorized in December that yr, the counsel requested why the banks hadn’t introduced them to the discover of the court docket or Jio.
SBI, the lead banker within the decision course of for RCom and its models Reliance Infratel and Reliance Telecom, might be damage probably the most in case of additional delays. It has an publicity of Rs 12,000 crore to RCom and one other bankrupt telco, Aircel.
Jio sought the audit particulars by means of its unit, Reliance Project and Property Management Services, from Reliance Infratel’s committee of creditors (CoC), together with SBI, Union Bank and Indian Overseas Bank. The decision skilled for RCom and its two models is Deloitte, which can be a part of the CoC.
At the final listening to, the court docket directed Jio to furnish copies of its utility to all events, together with the CoC and the decision skilled, and requested the respondents to file replies. The matter was subsequent scheduled for listening to immediately.
Reliance Infratel, which has 43,000 towers and 172,000 km of fibre, and Reliance Telecom, which primarily homes fibre, are the 2 models of RCom that went bust together with their father or mother firm.
RCom’s insolvency course of is caught amid separate authorized tussles between asset reconstruction agency UVARCL and the Reserve Bank of India, and one other one with the telecom division.
At the time of submitting for chapter, RCom had debt of Rs 46,000 crore, with 53 monetary collectors — together with native and international banks, non-banking monetary firms and funds — searching for recompense.
RCom was compelled to shut its wi-fi operations in late 2017, damage by mounting debt and widening losses amid intense competitors within the telecom sector after Jio’s entry in September 2016.