RCom on Friday said that it has decided to file for insolvency as the proposed asset monetisation plan failed to make any progress.With Anil Ambanis Reliance Communications (RCom) filing for insolvency proceedings under the Insolvency and Bankruptcy Code (IBC), the Department of Telecommunication (DoT) is likely to take a hit over its claim of Rs 2,900 crore, legal expert Punit Dutt Tyagi said. RCom on Friday said that it has decided to file for insolvency as the proposed asset monetisation plan failed to make any progress.
The company has decided to approach NCLT under Section 10 of the IBC and the resolution process would remain the same as in the case of proceedings initiated by an operational creditor. With RCom undergoing insolvency,…
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