The financial creditors of would take a 99.5% haircut in the resolution of erstwhile Anil Ambani-promoted Reliance Big Private Limited’s insolvency case. The National Company Law Tribunal (NCLT), Mumbai Bench, has approved the resolution plan submitted by Manoj Kumar Upadhyay through his affiliate firm ACME Cleantech Solutions Private for the revival of Reliance Big Private Limited.
As per the resolution plan, the secured financial creditors of the Reliance Big would receive a sum of Rs 3.5 crore against their total admitted claims of Rs 484 crore. The resolution plan does not offer any money to unsecured financial creditors who had submitted total claims of Rs 515 crore. The plan also includes the issuance of…
