RP takes over RCom board; corporate insolvency resolution process to resume

Following the National Company Law Tribunal (NCLT) directive, Reliance Communications (RCom) on Wednesday informed the stock exchanges that the administration of the corporate debtor would be taken over by the interim resolution professional (RP) and the corporate insolvency resolution process (CIRP) would resume.

“The powers of the board of directors or the partners of the corporate debtor, as the case may be, shall stand suspended and be exercised by the interim resolution professional,” the company said in the filing.

The NCLT has also directed the interim RP to file a progress report of the CIRP. The next hearing is on May 30.