In a major development, NCLT has adjourned the Reliance Infratel matter to July 5. It has asked SBI to gather and produce more pleadings, submissions and evidences on that day. This comes after SBI has chosen to withdraw the fraud tag against RCom’s tower and fibre company, Rel Infratel Ltd.
Reliance Projects and Property Management Services, part of Reliance Industries Group, was the successful resolution partner in CIRP (Corporate Insolvency Resolution Process) of Rel Infratel Ltd. It won the right to acquire 100 percent shareholding of Rel Infratel Ltd.
In its resolution order dated December 3, 2020, NCLT awarded the company to RIL Group.
However, SBI classified the Rel Infratel Ltd account as fraud on November 10, 2020, but curiously withheld this vital piece of information before NCLT when it gave its order.
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