The interim resolution professional of Reliance Communications (RCom) has sought an exclusion of 13 months (April 30, 2018-May 30, 2019) in RComs corporate insolvency resolution process (CIRP).
This is because the initial insolvency proceedings against the debt-ridden telecom company was stayed by the National Company Law Appellate Tribunal (NCLAT) and the Supreme Court.
Under the Insolvency and Bankruptcy Code (IBC), a maximum of 270 days is allowed for completing the resolution process, which has passed if the exclusion is not granted.
The tribunal has asked the interim resolution professionals (RPs) counsel to file a separate application. The case will now be heard on May 30.
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Read the full article at: https://www.business-standard.com/article/companies/insolvency-woes-rcom-resolution-professional-asks-for-13-month-exclusion-119050701364_1.html