If order gets passed, lenders will have to provision for 50 per cent of their debt
Mumbai, Nov 30:
Nearly 30 lenders of debt-ridden Reliance Communications (RCom) have opposed a petition by China Development Bank (CDB) to file an insolvency case against the telecom company. CDB, a lender to RCom, had filed the suit with the National Company Law Tribunalin Mumbai on November 24 under the Insolvency and Bankruptcy Code.
At RComs Committee of Creditors Meeting held on Wednesday, the lenders both foreign and Indian voted to oppose the petition. The lenders have also decided to appoint J Sagar Associates as their legal counsel, as they prepare to oppose the petition at the admission stage itself, sources close to th…
Read the full article at: http://www.thehindubusinessline.com/info-tech/rcom-claims-all-31-lenders-oppose-china-banks-insolvency-plea/article9978172.ece
