NCLT Mumbai approves sale of RCom real estate assets, shares

Insolvency tribunal NCLT Mumbai has approved the sale of some of the real estate assets of telecom company Reliance Communications, a regulatory filing said on Wednesday.

The filing attached an order of the National Company Law Tribunal's Mumbai bench in the matter of application filed by the resolution professional of Reliance Communications (RCom), seeking approval from the NCLT for undertaking the sale of certain unencumbered assets of the company.

"...this Tribunal clarifies that the Applicant/RP can sell assets of the Corporate Debtor (as described in Para 1 above) under Regulation 29 of the CIRP Regulations after submission of the resolution plan for approval by this Tribunal," the NCLT order dated December 7 said.

Resolution professional can sell assets of the company after submission of the resolution plan for approval by the tribunal, according to the order.

"This Tribunal accords its approval to the Applicant to conduct the sale of the Assets of the Corporate Debtor in terms of Regulation 29 of the CIRP Regulations, which sale proceeds shall be treated as unencumbered assets of the Corporate Debtor and be distributed during the implementation of the approved resolution plan or in liquidation, as the case may be," the order said.

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 and investment in shares of Reliance Realty.