Anil Ambani’s Reliance Communications files for insolvency

February 3, 2019

Anil Ambani

Reliance Communications, controlled by the Anil Ambani group, Friday decided to opt for insolvency proceedings through the National Company Law Tribunal (NCLT) after failing to sell assets to pay up debt to the tune of around Rs 45,000 crore.

“RCom board of directors decides upon implementation of debt resolution plans through NCLT framework,” the company said in a statement. The board of directors of RCom on Friday reviewed the progress of the company’s debt resolution plans since the invocation of strategic debt resolution on June 2, 2017.

RCom’s plan to sell spectrum to Reliance Jio, owned by Mukesh Ambani’s Reliance Industries, did not materialise. Swedish telecom firm Ericsson had earlier filed a petition before the NCLT to invoke insolvency proceedings against RCom. Source

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