Deep in debt: RCom owes Rs 26,000 cr to banks, financial institutions

New Delhi

The Indians banks, vendors and other creditors have made claims of around Rs 86,000 crore on the company which is currently going through insolvency proceedings. “As per figures certified by the Resolution Professional appointed by the lenders, the RCOM group owed around Rs 26,000 crore to Indian banks and financial institutions as on the date of filing before the NCLT,” Reliance Communications (RCom) said in a statement.

The creditors have submitted claims of around Rs 49,000 crore on RCom, Rs 24,000 cr on Reliance Telecom and Rs 12,600 cr on Reliance Infratel before the National Company Law Tribunal (NCLT). “The alleged ‘fraud’ classification by certain banks is entirely unjustified and unwarranted, and the Hon’ble Delhi High Court by an interim order has directed the same to be kept in abeyance for the time being, and the matter is now sub judice,” RCom said.

The Resolution Plans are at various stages of approval before the NCLT, it said.