RCom seeks relief from RBI diktat to speed up Reliance Jio deal

Under the circular, 100% of the members of the committee of creditors have to accept the offer of debt resolution

Reliance Communications (RCom) on Tuesday said it was referring the proposal under which Reliance Jio agreed to buy its telecom assets to the National Company Law Tribunal (NCLT), making a plea for relaxing the provisions of the Reserve Bank of India (RBI) circular of February 2008. 

Under the circular, 100 per cent of the members of the committee of creditors have to accept the offer of debt resolution.

RCom has pointed out its 37 lenders were unable to come to a consensus despite 12 months of discussion and more than 45 meetings on clearing the sale unanimously as required under the RBI