Financial creditors of Reliance Big Private Limited, formerly promoted by Anil Ambani, are set to face a 99% haircut as part of the approved resolution plan in its insolvency case. The National Company Law Tribunal (NCLT), Mumbai Bench, has given its nod to the resolution plan submitted by Manoj Kumar Upadhyay through his affiliate firm, ACME Cleantech Solutions Private Limited, for the revival of Reliance Big Private Limited.
As per the resolution plan, secured financial creditors will receive Rs. 3.5 crore against total admitted claims of Rs 484 crore. Meanwhile, unsecured financial creditors, who submitted claims totalling Rs 515 crore, will not receive any payments. The plan also includes an upfront cash infusion of Rs. 4 crore in the form of equity. The total dues to financial creditors were of Rs. 999 crore.
Reliance Big Private Limited, engaged in radio and television activities, including the production of radio and TV programs, entered the Corporate Insolvency Resolution Process (CIRP) in August 2023 after failing to maintain security cover for its debenture obligations. Axis Trustee Services Limited, representing Franklin Templeton Asset Management (India) Private Limited, was the primary secured financial creditor.
Successful resolution applicant Manoj Kumar Upadhyay is founder of ACME Group, which is a renewable energy and independent power producers in India. It has a diversified portfolio of integrated renewable energy solutions. These comprise solar, wind, hybrid, firm, and dispatchable renewable energy projects. The Group was founded in 2003 by Upadhyay, who is also the founding member of the Indian Solar Power Association.