The National Company Law Appellate Tribunal (NCLAT) on Monday pulled up SBI, the lead lender of debt-ridden Reliance Communications, along with others for giving a ‘false impression’ to monetise ₹37,000 crore from asset sales of the telecom company to Reliance Jio.
A two-member bench headed by Chairman Justice SJ Mukhopadhaya came down heavily on the lenders, specially State Bank of India, and asked why a “proceedings against them should not be initiated” for this.
“You have failed. JLF (Joint Lenders’ Forum) has failed. No sale took place,” the bench observed.
According to the bench, the lenders gave a “golden outlook” to NCLAT to recover around ₹37,000 crore from sale of assets but nothing happened.