The Committee of Creditors for Anil Ambani led Reliance Communications, and its two subsidiaries Reliance Telecom and Reliance Infratel have begun a two-day voting process on the final resolution plans for the bankrupt companies, which will see lenders recovering almost 35 percent of the principal outstanding debt, multiple people aware of the development told CNBC-TV18.

The 38 member consortium, which includes Chinese lenders as well, is putting resolution plans of the highest bidders (H1) to vote. CNBC-TV18 had reported on January 15 that Reliance Jio had been declared the highest bidder for Reliance Infratel and UV Asset Reconstruction Company Ltd for Reliance Communications and Reliance Telecom.

As per senior banking executives in the know, Reliance Jio has offered Rs 4,100 crore cash payment for Reliance Infratel, which includes Rs 3,609 crore for financial creditors and the remaining expenses which Jio will bear for the company. UVARCL is understood to have offered Rs 9,056 crore to lenders with a seven-year monetisation plan, including Rs 5 crore upfront cash for acquiring Reliance Communications, and another Rs 1,262 crore for Reliance Telecom.

The UVARCL offer is largely in the form of zero-coupon bonds, and will yield recovery only over a long term period, said a senior banker on the condition of anonymity.

With these offers, banks will be able to recover almost Rs 14,500 crore over seven years, against the principal outstanding debt of Rs 40,991 crore across Reliance Communications, Reliance Infratel and Reliance Telecom, said people quoted above.

While Reliance Communications has a principal outstanding debt of Rs 35,740 crore, Reliance Telecom has principal outstanding debt of Rs 2,538 crore and Reliance Infratel Rs 2,713 crore, as per bankers in the know.

The voting results will be known by March 4, and if they are able to secure the minimum requirement of 66 percent of the total votes, then the three plans will be submitted to the National Company Law Tribunal for the final nod.

The lead banker to Reliance Communications and its two subsidiaries, State Bank of India, has already given its consent to the resolution plans, as per people in the know.

"There aren't too many dissenting creditors. Our teams went to China a week before the Chinese New Year to talk with them (Chinese lenders) about the resolution plans, and so far they do seem on board, so we are keeping our fingers crossed," said an executive with one of the lead banks on the condition of anonymity, adding that without support from them, it would not be possible to get to the 66 percent required mark to pass a resolution plan under the IBC.