In a first of its kind, the resolution professional (RP) of the stressed Reliance Communications (RCom) addressed the annual general meeting (AGM) of the company on Monday.
The RP, Anish Nanavaty, said it would be better if a single investor took over the company. However, ultimate value maximisation is the main goal.
“As RP, we will give all the data to the investors to prepare a plan. The bids for the company are in the process of getting invited and there will be a preference for a single bidder to pick up the entire company,” he said.
The AGM saw shareholders expressing disappointment on how their wealth got eroded because of the firm going bankrupt.
Among many suggestions given to the RP on how to find a resolution plan, one was asking lenders to convert their debt into equity stake. A few investors also asked the RP to get back the money from Ericcson that was to the tune of Rs 557 crore.
“I am here as an RP to keep the company as a going concern and to run the CIRP process in a way that there is a satisfactory resolution of the company. All efforts are being done in consultation with the committee of creditors (CoC)”, Nanavaty said.
Rcom has received claims to the tune of Rs 84,268 crore. The National Company Law Tribunal (NCLT) recently extended the CIRP period of RCom and now the whole process has to be concluded by January 10.
Source: Business-Standard