Doha Bank moves NCLT to seek stay on Reliance Infratel's committee of creditors decision
Updated : May 31, 2019 07:13 AM IST
The counsel for Doha Bank claimed that the creditors' panel has considered the claims of lenders of parent firm Reliance Communications on the basis of corporate guarantee of RITL which would reduce its voting share in the CoC.
Doha Bank is against considering lenders having corporate guarantee of RITL as financial creditors as this will marginalise their voting rights to 15 percent from around 55 percent currently, he claimed.
The council claimed that Doha Bank and three other banks are direct lenders giving Rs 1,400 crore, while State Bank of India gave Rs 900 crore and Rs 300 crore was given by operational creditors, taking the total to Rs 2,600 crore.