Indian lenders may oppose the move at NCLT as they are close to taking 51% in the firm
Mumbai, November 27:
More trouble is brewing for debt-ridden Reliance Communications (RCom), with China Development Bank (CDB) filing an insolvency case against the telecom company, a move that would be opposed by Indian lenders. CDB, a lender to RCom, has filed the suit with the National Company Law Tribunal (NCLT) in Mumbai under the Insolvency and Bankruptcy Code (IBC).
RCom, which is reeling under a 45,000-crore debt, owes about 7,500 crore to CDB. With interest, this increases to about 9,000 crore. This makes CDB the first lender to file insolvency proceedings against billionaire Anil Ambani-controlled RCom.
The tribunal is likely…
Read the full article at: http://www.thehindubusinessline.com/info-tech/china-bank-files-insolvency-case-against-rcom/article9974016.ece
