State Bank of India’s (SBI’s) board has accepted the resolution plan for sale of Reliance Communications (RCom) and its subsidiaries Reliance Telecom and Reliance Infratel. According to sources in the bank, the final voting on the resolution will be over on Wednesday.

They expect 66 per cent of the votes to be in favour of the resolution during the meeting of the committee of creditors (CoC).

Within eight months of challenging the National Company Law Tribunal’s (NCLT’s) order giving a green signal to Reliance Jio Infocomm’s proposed demerger, the income-tax (I-T) department is learnt to have found merit in the appellate tribunal’s December ruling, which dismissed the I-T petition.

The tax department shared its opinion and the rationale in a communique to the law ministry 10 days ago, where it sought the ministry’s legal opinion on the matter to decide further course of action, said an official privy to the development.

The committee of creditors (CoC) tasked with finding buyers for the Anil Ambani-promoted Reliance Communications and its two arms decided at a meeting on Thursday to seek an extension of 24 days from the National Company Law Tribunal (NCLT) to complete the process.

Banking sources involved in the process of sale of the companies — Reliance Communications, Reliance Telecom Infrastructure, and Reliance Infratel, which houses the tower and fibre assets — say they are expecting the extension to be granted soon.

The Supreme Court on Tuesday rejected a plea that challenged a tribunal order asking the government to refund around Rs 104 crore to Reliance Communication, the defunct telecom company.

We don't find any merits in the appeal, said a bench of justices R F Nariman and S Ravindra Bhat about the government’s plea.

Indian telecom operator Reliance Communications Ltd. will lose control of its undersea cable unit GCX Ltd. after a Delaware Court approved a creditor-supported Chapter 11 plan for the subsidiary, in a setback to its own closely-watched bankruptcy process.

The plan that got the nod this week will grant ownership of GCX to its own creditors in exchange for a debt write down of $150 million, according to a GCX statement and filings.