Punit Garg, executive director of Reliance Communications, in an interview with CNBC-TV18, said that Mukesh Ambani-led Reliance Jio remained interested in the asset sale deal despite the latest developments.
“I would not second-guess that given that if a buyer has extended the long stop date from December 2018 to June 2019," he said.
RCom witnessed a sharp decline in its stocks on Monday and was trading 37 percent lower around noon. The company has decided to opt for insolvency proceedings following failure to sell assets for paying back its lenders.
Garg said most lenders including the State Bank of India were on board with the resolution plan.
“In the current process, also, it is the same committee of creditors (CoC), so I do not see that we have to reinvent the wheel for bidding process. So it is going to be the same bids,” said Garg.
In terms of differences with the lenders, he added, “Some of the smaller lenders - those who have Rs 80-100 crore of debt in the company - would believe that they need to be paid 100 percent. That is the unreasonableness which we had in the meeting where we were unable to reach the 100 percent consensus. In most of the assets, we had the consensus of 95-99 percent. All the majority lenders are with us.”
“We have had no differences between Indian lenders and foreign lenders,” he further mentioned.Disclosure: RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.