Reliance Communications (RCom) has stated that it will file for fast-track insolvency resolution with the Indian National Company Law Tribunal.
The operator group has taken the decision following a board review of its 2017 debt resolution strategy which found that despite the passage of over 18 months, lenders have received zero proceeds from the proposed asset monetisation plans, and the overall debt resolution process is yet to make any headway.
The board believes this course of action will be in the best interests of all stakeholders, ensuring comprehensive debt resolution in a final, transparent and time-bound manner within the prescribed 270 days, it said in a statement.
A number of factors have prevented RCom from divesting asse…
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