<p>The National Company Law Tribunal (NCLT) on Monday gave its approval to Jio for the acquisition of Reliance Infratel (RITL).</p>.<p>The tribunal asked Jio to deposit Rs 3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM's tower and fibre assets.</p>.<p>On November 6, Jio had proposed to deposit Rs 3,720 crore in an escrow account to complete the acquisition of Reliance Infratel which is undergoing an insolvency resolution process.</p>.<p>Billionaire Mukesh Dhirubhai Ambani-led Jio placed a bid of Rs 3,720 crore in November 2019 to acquire tower and fibre asset of debt-ridden subsidiary of his younger brother Anil Ambani-managed firm Reliance Communications.</p>.<p>The Committee of Creditors has already approved the resolution plan by Jio on March 4, 2020 with a 100 per cent vote.</p>.<p>According to an application moved by Reliance Projects and Property Management Services, a subsidiary of Jio, due to the pendency of the proceedings over the distribution of the amount and issuance of 'no dues' certificate, implementation of the resolution plan is delayed.</p>.<p>"Such delay is causing severe harm to the interest of the corporate debtor (Reliance Infratel) as well as the resolution applicant (Jio)," it submitted before NCLT last month.</p>.<p>Jio said the delay in acquisition of RITL assets due to inter-creditor disputes will deteriorate the value of assets.</p>.<p>RITL has fibre assets of around 1.78 lakh route kilometers and 43,540 mobile towers across the country.</p>.<p>RITL is the holding company for tower and fibre assets of RCOM.</p>.<p>Reliance Project & property Management Services Limited, the successful resolution applicant for Reliance Infratel Ltd (RITL), had moved a fresh application in the NCLT Mumbai to complete the acquisition process.</p>.<p>The funds will be distributed amongst the lenders once the inter-creditor dispute over the distribution of resolution funds is settled.</p>.<p>SBI and a few other banks, including Doha Bank, Standard Chartered Bank, and Emirates Bank, are engaged in a legal battle over the distribution of funds.</p>.<p>The matter is pending before the Supreme Court.</p>.<p>Doha Bank had challenged the classification of claims from the indirect creditors of RITL as the financial creditors by the resolution professional.</p>
<p>The National Company Law Tribunal (NCLT) on Monday gave its approval to Jio for the acquisition of Reliance Infratel (RITL).</p>.<p>The tribunal asked Jio to deposit Rs 3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM's tower and fibre assets.</p>.<p>On November 6, Jio had proposed to deposit Rs 3,720 crore in an escrow account to complete the acquisition of Reliance Infratel which is undergoing an insolvency resolution process.</p>.<p>Billionaire Mukesh Dhirubhai Ambani-led Jio placed a bid of Rs 3,720 crore in November 2019 to acquire tower and fibre asset of debt-ridden subsidiary of his younger brother Anil Ambani-managed firm Reliance Communications.</p>.<p>The Committee of Creditors has already approved the resolution plan by Jio on March 4, 2020 with a 100 per cent vote.</p>.<p>According to an application moved by Reliance Projects and Property Management Services, a subsidiary of Jio, due to the pendency of the proceedings over the distribution of the amount and issuance of 'no dues' certificate, implementation of the resolution plan is delayed.</p>.<p>"Such delay is causing severe harm to the interest of the corporate debtor (Reliance Infratel) as well as the resolution applicant (Jio)," it submitted before NCLT last month.</p>.<p>Jio said the delay in acquisition of RITL assets due to inter-creditor disputes will deteriorate the value of assets.</p>.<p>RITL has fibre assets of around 1.78 lakh route kilometers and 43,540 mobile towers across the country.</p>.<p>RITL is the holding company for tower and fibre assets of RCOM.</p>.<p>Reliance Project & property Management Services Limited, the successful resolution applicant for Reliance Infratel Ltd (RITL), had moved a fresh application in the NCLT Mumbai to complete the acquisition process.</p>.<p>The funds will be distributed amongst the lenders once the inter-creditor dispute over the distribution of resolution funds is settled.</p>.<p>SBI and a few other banks, including Doha Bank, Standard Chartered Bank, and Emirates Bank, are engaged in a legal battle over the distribution of funds.</p>.<p>The matter is pending before the Supreme Court.</p>.<p>Doha Bank had challenged the classification of claims from the indirect creditors of RITL as the financial creditors by the resolution professional.</p>