On Wednesday, a regulatory filing revealed that the sale of a portion of Reliance Communications' real estate assets has been approved by the insolvency tribunal, NCLT Mumbai. The National Company Law Tribunal's Mumbai bench granted an order linked to the application submitted by Reliance Communications (RcOM)’s resolution professional. This application sought permission from the NCLT to proceed with the divestiture of certain unencumbered assets.
The NCLT order, dated December 7, specified, “After submission of the resolution plan for approval by this Tribunal, the Tribunal clarifies that the Applicant/RP can sell assets of the Corporate Debtor under Regulation 29 of the CIRP Regulations.”
According to this directive, resolution professionals now possess the authority to mobilize company assets after presenting the resolution plan for the tribunal's nod. The order also informed that the tribunal accords its endorsement to the applicant to proceed with the asset sale, stating, “The sale proceeds shall be treated as unencumbered assets of the corporate debtor and be distributed during the implementation of the approved resolution plan or in liquidation, as the case may be.”
Among the identified assets slated for sale are 871.1 square meters of land located in Pune, office space situated in Bhubaneswar, an investment in Champion Properties shares, shares in Reliance Realty, and the Chennai Haddow Office of RCom, which includes both land and a structure. Additionally, there is an office located in Ambattur, Chennai, all designated for sale.