Anil Ambani-led Reliance Communications (RCom), with a debt of 46,000 crore, has decided to file for insolvency proceedings at National Company Law Tribunal (NCLT) Mumbai to seek fast-track resolution.
RCom had been unable to sell its spectrum and tower assets to Reliance Jio for 20,000 crore The board of directors of RCom today [Friday] reviewed the progress of the companys debt resolution plans since the invocation of SDR on June 2, 2017. The board noted 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, said RCom in a statement, adding that the board decided that the company would seek fast-tr…
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