General Announcement::Reliance Communications Limited Under CIRP

Issuer & Securities

Issuer/ Manager
RELIANCE COMMUNICATIONS LIMITED
Securities
RELIANCEUS$300M6.5%N201106 - XS1216623022 - 29EB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
13-May-2019 18:16:18
Status
New
Announcement Sub Title
Reliance Communications Limited Under CIRP
Announcement Reference
SG190513OTHRVINT
Submitted By (Co./ Ind. Name)
Prakash Shenoy
Designation
Company Secretary
Effective Date and Time of the event
08/05/2019 17:00:00
Description (Please provide a detailed description of the event in the box below)
1. This is with reference to the various judicial proceedings in NCLT & NCLAT in relation with the Corporate Insolvency Resolution Process of M/s Reliance Communications Limited (hereinafter referred to as "Rcom").
2. The Hon'ble National Company law Tribunal, (NCLT), Mumbai Bench had by its Order dated 15th May, 2018 admitted the Company Petitions filed by Ericsson India Pvt. ltd. under Section 9 of the IBC 2016 (Insolvency and Bankruptcy Code) against Reliance Communications Limited (RCom).
3. Further to that, Hon'ble NCLT Mumbai vide its order dated 18th May 2018 had appointed me as the Interim Resolution Professional (IRP).
4. The aforesaid orders dated 15.05.2018 and 18.05.2018 of the Hon'ble NCLT, Mumbai Bench were challenged by the Directors of Ream by way of appeals before Hon'ble National Company Law Appellate Tribunal (NCLAT). The Hon'ble
NCLAT vide its order dated 30th May 2018 had, until further orders, granted a stay on the 'Corporate Insolvency Resolution process' initiated inter-alia against Rcom. Hon'ble NCLAT also allowed the management to function during stay of the
Insolvency Resolution Process.
5.Thereafter the said stay order was vacated by Hon'ble NCLAT Order dated 30th
April, 2019. The said order quoted ...
"The Appellant( s) and others are allowed to bring this order to the notice of the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, who will fix the case 'for orders' on 7th May, 2019, on which date the parties will appear"
NCLT, Mumbai Bench on 7th May, 2019 orally directed that the Corporate Insolvency Resolution Process of the Corporate Debtor to continue and hence resumption of CIRP of Reliance Communications Limited.
6. Your kind attention is further drawn to the provisions of section 17 of the Code pursuant to which the powers of the Board of Directors of Ream stand suspended and such powers shall be vested with the Interim Resolution Professional. The same is read as follows:
a) The management of the affairs of the corporate debtor shall vest in the interim resolution professional;
b) 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;
c) The officers and managers of the corporate debtor shall report to the interim resolution professional and provide access to such documents and records of the corporate debtor as may be required by the interim resolution professional;
d) The financial institutions maintaining accounts of the corporate debtor shall act on the instructions of the interim resolution professional in relation to such accounts and furnish all information relating to the corporate debtor available with them to the interim resolution professional"
It may also be noted that Hon'ble NCLT Mumbai Bench on 07 May, 2019 orally directed that the Corporate Insolvency Resolution Process of Reliance lnfratel limited and Reliance Telecom limited, subsidiaries of Reliance Communications
Limited, also to continue.
You are requested to provide copies of all notices issued to the Corporate Debtor to any pending assessments and proceedings that have been initiated/are being initiated, to the IRP at the correspondence address given herein below in addition to any copies being issued to the Corporate Debtor. In case any procedural formalities or statutory compliances are yet to be complied by the Corporate Debtor, kindly provide the details of the same for my perusal and necessary consideration, at the earliest.
Please also note that all future correspondence in relation to the Corporate Debtor during the corporate insolvency resolution process should be addressed to the undersigned, in my capacity as IRP in addition to any copies being issued to the office of the Corporate Debtor directly

Attachments

SE08052019.pdf
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