Chennai, Dec 19:
The National Company Law Tribunal will hear China Development Bank and Ericsson’s insolvency petitions against Reliance Communications on January 5.
Earlier last month, China Development Bank had filed an insolvency case against the telecom company. 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.
In September this year, Ericsson had filed an insolvency pe…
Read the full article at: http://www.thehindubusinessline.com/info-tech/nclt-to-hear-insolvency-petitions-against-rcom-on-jan-5/article9996188.ece
