Mumbai, March 3 : National Company Law Tribunal (NCLT), Mumbai has upheld the petition of Doha Bank resulting in 100 per cent recovery for the Financial Creditors of Reliance Infratel Ltd. (RITL), aggregating to Rs 3,515 crore. Doha Bank, one of the Financial Creditors of RITL had filed an application against Corporate Guarantee Holders of Reliance Communications Limited (RCOM) and Reliance Telecom Limited (RTL), seeking priority payment for the financial creditors of RITL, from the proceeds of company's resolution plan. Reliance Jio has acquired these assets through NCLT driven debt resolution process. NCLT, Mumbai had approved the Reliance Infrtatel resolution plan on December 3, 2020 in favour of Reliance Projects & Property Management Services Limited, a subsidiary of Reliance Industries Limited. While approving the resolution plan, NCLT had directed that the distribution of proceeds to the Financial Creditors was subject to the disposal of Doha Bank application. Reliance Infratel had issued certain guarantees in favour of Reliance Communications Ltd. (RCOM) and Reliance Telecom Ltd (RTL) lenders. When RCOM and RTL defaulted, the lenders of these 2 companies invoked guarantees issued by Reliance Infratel and converted them into debt. Doha Bank's contention was that the direct lenders of Reliance Infratel had a first right over the proceeds from the company's resolution plan, and not the corporate guarantee holders of RCOM and RTL. NCLT in its order has upheld the Doha Bank plea, thus paving the way for 100 per cent recovery for the financial creditors of Reliance Infratel. The Resolution Plan allows distribution of Rs 4,400 crore to the lenders of Reliance Infratel. The State Bank of India will receive Rs 728 crore, Mahima Merchantile Rs 514 crore, SC Lowy Rs 511 crore, VTB Capital PLC Rs 511 crore, Doha Bank Rs 409 crore, Emirates NBD Rs 322 crore, ICBC Rs 278 crore, and Standard Chartered Bank will get Rs 242 crore. Reliance Infratel will also get Rs 455 crore towards the equity and Working Capital needs from Reliance Jio. The implementation of Resolution Plan is expected to be completed by March 31, 2021. /IANS