Intelligence note
Admitted 15 May 2018 by the Mumbai bench on a petition by Ericsson India Pvt. Ltd. (an operational creditor). Plan from Reliance Projects & Property Management Services Limited approved 3 Dec 2020, 933 days after admission (resolved-case median: 630 days). The professional in charge was replaced once.
Admission was stayed by the NCLAT from 30 May 2018 to 30 Apr 2019. The NCLAT upheld the plan on 04 Jan 2021 and the Supreme Court on 10 Aug 2021. On 21 Nov 2022 the NCLT ordered the plan money into an SBI escrow account. A Kerala GST appeal filed 858 days late was rejected on 18 Jul 2023.
Admission was stayed by the NCLAT from 30 May 2018 to 30 Apr 2019. The NCLAT upheld the plan on 04 Jan 2021 and the Supreme Court on 10 Aug 2021. On 21 Nov 2022 the NCLT ordered the plan money into an SBI escrow account. A Kerala GST appeal filed 858 days late was rejected on 18 Jul 2023.
Case details
CIN
U72900MH2001PLC131598
Incorporated
2001
Registered State
Maharashtra
NCLT Bench
Mumbai
Petition
CP (IB) 1385(MB)/2017
Initiated by
OC — Ericsson India Pvt. Ltd.
Commencement
15 May 2018
Outcome Date
3 Dec 2020
Admitted Claims
₹42,425.09 Cr
Liquidation Value
₹4,339.58 Cr
Fair Value
₹11,149.11 Cr
NCLT Mumbai: median 550 days admission → verdict · 34% of concluded matters ended in plan approval (n=1,269, full record) · all benches →
Plan at a glance
The deal
INR 3,720 crores upfront to creditors (including CIRP costs), plus INR 800 crore (less taxes and transaction costs) to financial creditors from the Reliance Realty preference shares; INR 4,975 crore in all with working capital and equity
Winning plan
Reliance Digital Platform & Project Services Limited, with 100% of the CoC vote
Also in the race: Bharti Airtel Ltd. (plan submitted), VFSI Holdings Pte. Ltd. (plan submitted), UV Asset Construction Company Ltd. (plan submitted)
Also in the race: Bharti Airtel Ltd. (plan submitted), VFSI Holdings Pte. Ltd. (plan submitted), UV Asset Construction Company Ltd. (plan submitted)
Funding
RA infuses a Total Resolution Amount not exceeding INR 3,720 crores, plus up to INR 450 Crore for working capital, capex and operational improvements.
Shares
Existing shares are cancelled without further act; the RA and/or affiliates or nominees infuse INR 5 crores equity and hold 100% of share capital.
Deferred payments
Payment to Financial Creditors from value realised from preference shares in Reliance Realty Limited: ₹800.00 Cr (less taxes/transaction costs), within 30 days of completion of the sale and related approvals.
Who gets what (₹ crore)
| Admitted | Provided in the plan | % of admitted | |
|---|---|---|---|
| Financial creditors | 41,055.39 | 4,235.78 | 10.3% |
| Operational and other creditors | 1,336.83 | 31.66 | 2.4% |
| All creditors | 42,392.21 | 4,267.44 | 10.1% |
All creditors together: about 10 paise for every ₹1 of admitted claims.
Recent movement
3 Dec 2020
Resolution plan approved
Acquired by Reliance Projects & Property Management Services Limited
Valuations & recovery
Fair value
₹11,149.11 Cr
Liquidation value
₹4,339.58 Cr
The plan
Successful applicant
Reliance Projects & Property Management Services Limited
CoC approval
100% voting share · 19th meeting · voted 2 Mar 2020
How the plan pays
·The order states a total resolution amount not exceeding ₹3,720.00 Cr, yet prints the overall payment as ₹4,975.00 Cr and offers financial creditors ₹4,235.78 Cr (about 10.32%) of ₹41,055.39 Cr admitted. ₹5.00 Cr upfront equity buys 100% of share capital; up to ₹450.00 Cr more follows.
EoI / Form-G detail
Plan submission by
7 Sep 2019
Evaluation matrix issued
6 Aug 2019
Dates as captured from IBBI on 30 Aug 2026
Case timeline
◆ RP changed during process15 May 2018
CIRP commenced
Insolvency proceedings began · NCLT Mumbai
13 further events in between
21 Jun 2019
Rp replacement
NCLT order · MA 1975 2030 2100 2019 IN CP IB 1385 MB 2017
3 Dec 2020
Resolution plan approved
Acquired by Reliance Projects & Property Management Services Limited
21 Jun 2021
NCLT order
IA NO 1223 OF 2021 IN IA NO 1110 OF 2021 IN COMPANY PETITION NO 1385 OF 2017 read the order ↗
2 years 6 months elapsed · admission → resolution
Company
Legal name
RELIANCE INFRATEL LIMITED
Type
Public · Company limited by shares
Listing
Unlisted
Incorporated
16 Apr 2001
Authorised capital
₹8,000.00 Cr
Paid-up capital
₹5.00 Cr
Industry (MCA)
Business Services
ROC
ROC Mumbai
Company status
Amalgamated
Registered address
H Block, 1ST Floor, Dhirubhai Ambani Knowledge City, Koparkhairane, Navi Mumbai, 400710, Navi Mumbai, Mumbai City, Maharashtra, 400710, India
Claims filing history
Operational creditors ↓
Other stakeholders ↓
Secured FC — class of creditors ↓
Secured financial creditors ↓
FC — class of creditors (homebuyer-type) ↓
| Creditor class | Claimed | Admitted | Admitted % |
|---|---|---|---|
| Secured FC — class of creditors | ₹41,144.55 Cr | ₹40,977.70 Cr | 100% |
| Operational creditors | ₹3,075.48 Cr | ₹62.26 Cr | 2% |
| FC — class of creditors (homebuyer-type) | ₹1,610.77 Cr | ₹77.68 Cr | 5% |
| Other stakeholders | ₹1,107.52 Cr | ₹904.45 Cr | 82% |
| Secured financial creditors | ₹686.92 Cr | ₹686.92 Cr | 100% |
| Total of listed classes | ₹47,625.23 Cr | ₹42,709.01 Cr | 90% |
Of ₹47,625.23 Cr claimed across these classes, ₹42,709.01 Cr stands admitted — 90 paise per ₹1 claimed made it past verification.
v1 · latest
as on 3 Dec 2020 · filed by Anish Niranjan Nanavaty
Claims profile
CLASS
ADMITTED
Sources, basis and disclaimers → ·
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This case vs IT, Telecom & Media
Time to resolution933 days
typical for this sector 622 days
Size rank in sector#2 of 37
Key parties
Resolution Professional
15 IBBI mandates · 3 of 4 resolved plans beat the liquidation floor
IRP at commencement · replaced
Manish Dhirajlal Kaneria → · May 2018
Per IBBI's register of insolvency professionals, read 5 Oct 2026
◆ RP changed during CIRP — IRP was replaced
CIRP initiated by
Ericsson India Pvt. Ltd. OC
Resolution applicant
Reliance Projects & Property Management Services Limited
About the applicant
Reliance Projects & Property Management Services Limited (formerly Reliance Digital Platform & Project Services Limited), part of the Reliance Industries Group.
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