New Delhi, Dec 9 : Non-banking finance company Authum Investment and Infrastructure's resolution plan has been voted with an overwhelming majority of over 99 per cent by the debenture holders of Reliance Commercial Finance Ltd. The plan, initially approved by the ICA lenders on July 15, 2021 - more than 5 months back, was subject to approval by non-ICA lenders. The delay is on account of the confusion caused by the market regulator's recent circular on voting by debenture holders. The SEBI circular is a cause of significant concern according to various debenture holders, as it impedes on their basic contractual rights as defined in the debenture trust deeds. In addition to the provisions of the circular being impractical and unimplementable, such a circular when applied retrospectively has far larger adverse implications on ongoing debt resolutions. Lenders are relieved that finally the plan has been put to vote and has been approved with overwhelming majority. Early implementation of the plan will now ensure significant recoveries to the lenders. RCF Resolution Plan has already been approved by the lenders on July 15, 2021. Authum Infrastructure and Investment's bid of Rs 1,585 crore was declared the winning bid by lenders with an overwhelming majority of over 80 per cent voting. Authum is a domestic NBFC with around 15 years of presence and over Rs 2400 crore net worth, as on June 30, 2021. Lenders' recovery is high as Rs 1,240 crore of cash has already been distributed and the company has additional cash and cash equivalent of over Rs 250 crore as on June 30, which will be distributed along with plan proceeds. The total debt of RCF is Rs 9,000 crore. /IANS