businessUpdated: Aug 20, 2020 06:02 ISTThe department of telecommunications (DoT) on Wednesday opposed the insolvency resolution plan for Reliance Communications Ltd (RCom) and its unit, Reliance Telecom Ltd (RTL), claiming the proposal does not give it a fair treatment. The surprise DoT objection adds a new twist to RCom’s Rs 20,000-crore insolvency resolution plan that its lenders submitted for National Company Law Tribunal (NCLT) approval in March. The NCLT counsel on Wednesday asked DoT to file an affidavit detailing its objection. The court has previously asked the government to investigate whether any bankrupt telco is misusing the insolvency process to avoid paying dues. Over and above this, the department of telecommunications estimated RCom owes it Rs49,054 crore in unpaid spectrum usage charges and licence fees; however, the firm’s resolution plan recognises only Rs25,199 crore of dues.

Source: Hindustan Times August 20, 2020 00:33 UTC