NCLAT stays distribution of Rs 4,400 cr of sale proceeds from Reliance Infratel resolution plan - Major setback for the Chinese Banks consortium

National Company Law Appellate Tribunal (NCLAT) has stayed distribution of Rs 4,400 cr of sale proceeds from Reliance Infratel (RITL) resolution plan. This is being seen as a major setback for the Chinese Banks consortium – China Development Bank, China Exim Bank and ICBC Bank.

Meanwhile, the NCLAT stay order is being seen as a victory for Doha Bank, VTB Capital, and Emirates NBD Bank.

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NCLAT grants stay on an appeal filed by Doha Bank for priority payment from RITL resolution plan proceeds.

Reliance Jio has acquired the Fibre & Tower assets of RITL for Rs. 4,400 Cr. through NCLT driven resolution process

NCLT, by its order of 2 March 2021, had upheld the decision of RITL’s RP in classifying RITL’s Indirect Lenders as financial creditors of RITL

Doha Bank has appealed against the NCLT decision.