National Company Law Appellate Tribunal (NCLAT) has stayed distribution of Rs 4,400 cr of sale proceeds from Reliance Infratel (RITL) resolution plan. This is being seen as a major setback for the Chinese Banks consortium – China Development Bank, China Exim Bank and ICBC Bank. 

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Meanwhile, the NCLAT stay order is being seen as a victory for Doha Bank, VTB Capital, and Emirates NBD Bank.  

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NCLAT grants stay on an appeal filed by Doha Bank for priority payment from RITL resolution plan proceeds. 

Reliance Jio has acquired the Fibre & Tower assets of RITL for Rs. 4,400 Cr. through NCLT driven resolution process 

NCLT, by its order of 2 March 2021, had upheld the decision of RITL’s RP in classifying RITL’s Indirect Lenders as financial creditors of RITL 

Doha Bank has appealed against the NCLT decision.