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RCom conducts second CoC meeting to discuss updates, appoint other advisors

RCom
The telco which renewed its bankruptcy proceedings - after staving it off for about a year hoping for a wireless asset sale deal with Reliance Jio - has become one of the biggest insolvency cases in India Inc.
Reliance Communications (RCom) said it held its second committee of creditors meeting (CoC) to discuss the operational updates between the interim resolution professional (IRP) and the resolution professional (RP) and appointment of other advisors.

"We wish to inform you that the second meeting of Committee of Creditors (CoC) was conducted on July 9,2019 to provide update on the handover/ transitional support taken by the RP, from the erstwhile interim resolution professional Including operational updates and discussions were held regarding the appointment of inter alia other professional advisors/service providers such as RP Legal Advisor, CoC Legal Advisor, Registered Valuers Process advisors, Transaction Review Auditor, Forensic Auditor and the Virtual data room service provider....", said the bankrupt telecom operator which is now under the reins of RP-Deloitte in a regulatory filing on Wednesday.

The dedicated bankruptcy court had appointed Deloitte as the RP for RCom and its units -Reliance Telecom and Reliance Infratel on June 21. Till then the IRP for the telco under a debt of Rs 46,000 crore was RBSA Advisors.

The telco which renewed its bankruptcy proceedings - after staving it off for about a year hoping for a wireless asset sale deal with Reliance Jio - has become one of the biggest insolvency cases in India Inc.

Financial creditors including China Development Bank, Standard Chartered Bank (London), Deutsche Bank (Hong Kong), DBS Bank, State Bank of India have in all demanded claims upto Rs 57,382 crore of which Rs 49,223.88 crore was verified.
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