Anil Ambani
Anil Ambani

New Delhi: Bharti Airtel Ltd, VFSI Holdings Pte Ltd and UV Asset Reconstruction Co Ltd on Monday submitted plans for the resolution of Reliance Communications Ltd, the debt-laden operator told exchanges.

Reliance Jio Infocomm Ltd and Varde Partners, too, have submitted their bids for the bankrupt company, which is going through insolvency proceedings after an application filed by Swedish telecom gear maker Ericsson, according to media reports.

The company owes over Rs 500 bn to creditors and over Rs 15 bn to Ericsson.

On Nov 15, Anil Ambani, along with four other directors of the company, resigned from the board. The lenders to the debt-laden firm, however, rejected their resignation and asked the directors to cooperate in the corporate insolvency resolution process.

Reliance Communications posted a consolidated net loss of Rs 301.58 bn for the quarter ended September as it made provisions to pay licence fees to the government in line with the Supreme Court's ruling.

At 1004 IST, shares of Reliance Communications were up 6.3% at 0.85 rupees on the National Stock Exchange.

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