NCLT Mumbai Approves Sale of Reliance Communications Real Estate Assets

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The National Company Law Tribunal (NCLT) in Mumbai has approved the sale of some of the real estate assets of Reliance Communications (RCom), according to a regulatory filing on Wednesday.

Assets Identified for Sale

The assets identified for sale include:

• Chennai Haddow Office of RCom, comprising land and building
• Land parcel in Ambattur in Chennai spread over an area of about 3.44 acres
• 871.1 square metres of land parcel in Pune
• Bhubaneswar-based office space
• Investment in shares of Campion Properties
• Investment in shares of Reliance Realty

Sale Proceeds to be Treated as Unencumbered Assets

The sale proceeds from the assets will be treated as unencumbered assets of the Corporate Debtor and will be distributed during the implementation of the approved resolution plan or in liquidation, as the case may be.

Resolution Professional Can Sell Assets After Submission of Resolution Plan

The resolution professional of RCom can sell the assets of the company after submitting the resolution plan for approval by the tribunal.

The approval of the sale of these real estate assets is a significant development in the ongoing insolvency proceedings of Reliance Communications.