RBI has also rejected another insolvency resolution plan submitted by UV ARC, the person said. Lenders, he said, have been going back and forth, meeting RBI officials since June trying to point out that it is a viable resolution plan. The UV ARC resolution plan involved the ARC getting 76% stake in the company in the first five years, with the financial creditors getting the rest. The National Company Law Tribunal had in June approved a ₹6,630 crore bid by UV ARC for Aircel. UV ARC has also emerged as the highest bidder for another bankrupt telco, Reliance Communications Ltd.

Source: Mint August 26, 2020 17:26 UTC