The Committee of Creditors (CoC), tasked with finding buyers for the Anil Ambani-promoted Reliance Communications (RCom), discussed various aspects of the resolution plan on Monday but did not vote on the restructuring plan.

The COC will meet again on March 2 for voting, results of which will be tabled by March 4, meeting the deadline set earlier by the National Company Law Tribunal (NCLT), sources close to the development told BusinessLine .

While the lenders discussed the resolution plan as per the agenda, they restrained from voting as many of them were yet to get authorisations from their boards. State Bank of India (SBI), the lead lender, also did not get board approvals.

“This was because the many of the banks were yet to hold their board meetings,” the source said.

The Resolution Professional (Deloitte’s Anish Niranjan Nanavaty) and legal adviser to CoC (J. Sagar & Associates) also assisted the CoC with the resolution process.

The consortium of 38 lenders was hoping to recover a substantial portion of secured debt worth ₹33,000 crore through the resolution process.

Mukesh Ambani-led Reliance Jio Infocomm (RJio) and Delhi-based UV Asset Reconstruction Company (UVARC) had emerged as the highest bidders for the assets of RCom and its subsidiaries. The combined bid amount was at ₹21,000 crore.

RCom was referred to the NCLT in May last year after the creditors did not approve an offer from RJio for its assets.

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