Rcom hits the UC

The moment Rcom opened today for trading, it hit the UC at Rs.2.25 and is currently the top gainer on the BSE.

The company issued a Press Release yesterday late evening stating that the administration of the corporate debtor would be taken over by the interim resolution professional (RP) and the corporate insolvency resolution process (CIRP) would resume. The company said that the powers of the board of directors or the partners of the corporate debtor, as the case may be, shall stand suspended and be exercised by the interim resolution professional.

The Mumbai bench of NCLT directed the existing RP to continue and file a report by May 30, when the matter comes up for hearing again.

The news is that the company had shortlisted five RPs from a total of 30 based on technical evaluation for the debt-laden firm’s bankruptcy process.

The shortlisted five were: Ajay Joshi of Duff & Phelps; Ashok Kumar Gulla of RBSA; Sundaresh Bhat of BDO; and Savan Godiawala and Ashish Nanavaty, both from Deloitte.