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Aircel & RCom steering towards liquidation, resulting in Rs 60,000 crore NPA for Indian, foreign banks

The National Company Law Appellate Tribunal (NCLAT) ruling of last week in the Aircel v. The Department of Telecommunications (DOT) case has cast a shadow on the resolution plans of Aircel and Reliance Communication Ltd. (RCOM).The biggest loss will be the State Bank of India of Rs 5,000 crore followed by Bank of Baroda, Canara Bank, Punjab National Bank and China Development Bank. Liquidation of RCOM and RTL will result in loss of Rs 40,000 crore to 38 Lenders, Chinese Banks led by China Development Bank will lose Rs 9,000 crore, SBI – Rs 3,000 crore, and LIC – Rs 3,700 crore. According to sources, the Committee of Creditors for Aircel and RCOM is going to appeal before the Apex court and vigorously fight for favourable judgement of the apex court.

Source: Economic Times

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