Reliance Communications’ resolution in limbo as DoT raises objection

By Administrator_India Capital Sands   The Department of Telecommunications has objected to the resolution plan for Reliance Communications, as well as its unit Reliance Telecom, at the National Company Law Tribunal (NCLT), Mumbai. The NCLT has adjourned its hearing on the resolution plan for the firms till August 21. The Department of Telecommunications will file written submissions by then. According to the resolution plan approved by lenders, the Department of Telecommunications will not get any proceeds following resolution of the companies, because it has been labeled an operational creditor. The CoC, led by…

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