Reliance Communications reveals total debt and lists of debtors

Reliance Communications said it owes Rs 57,382.5 crore to debtors, including new entities, with the Interim Resolution Professional (IRP) admitting claims worth Rs 49,223.88 crore.
Anil Ambani of Reliance Communications
The telecom operator’s lenders – China Development Bank, Industrial and Commercial Bank of China and Exim Bank of China – claimed Rs 15,053.23 crore from the company, while claims worth Rs 8,158.62 crore are under verification, Reliance Communications said in a regulatory filing.

State-owned China Development Bank has sought Rs 9,863.89 crore from Reliance Communications, while Exim Bank of China has claimed Rs 3,356.44 crore, Industrial and Commercial Bank of China (head office) has claimed Rs 1,554.42 crore and Industrial and Commercial Bank of China (Mumbai branch) Rs 278.48 crore.

Reliance Communications, a company controlled by Anil Ambani, is under the Corporate Insolvency Resolution Process (CIRP) under provisions of the Insolvency and Bankruptcy Code, 2016. The National Company Law Tribunal (NCLT), Mumbai bench, had appointed Pardeep Kumar Sethi as the IRP vide its order dated May 18, 2018.

According to the financial creditors’ list submitted by Reliance Communications to BSE, lead lender State Bank of India’s dues worth Rs 4,825.82 crore, LIC of India’s claims of Rs 4,758 crore, Bank of Baroda’s Rs 2,531.87 crore and Madison Pacific Trust’s Rs 2,351.53 crore were also provisionally admitted by the IRP.

Syndicate Bank’s Rs 1,225.19 crore, Punjab National Bank’s Rs 1,126.87 crore, IDBI Bank’s Rs 1,410.95 crore, Union Bank of India’s Rs 1,009.34 crore and Bank of India’s Rs 979.17 crore, among others, were also admitted.

In the list of 53 financial creditors, Reliance Anil Ambani Group (R-ADAG) companies such as Reliance Globalcom (Bermuda), Reliance HR Services, Reliance Capital and Reliance Communication Enterprise were also included. However, their claims totalling Rs 7,000.63 crore were not approved by the IRP.

Reliance Communications posted a net loss of Rs 7,767 crore on a consolidated basis for the fourth quarter ended March 31, 2019, compared with a net loss of Rs 19,776 crore recorded during the year-ago period.

In May, a core Committee of Creditors (CoC) was formed with about 40 lenders — including the SBI, the China Development Bank and the Industrial and Commercial Bank of China — to look into the bankruptcy proceedings of Reliance Communications.