BSE had sought clarification from Reliance Communications after market hours yesterday with respect to news that China Development Bank has filed an insolvency case against it.
China Development Bank has filed a case against Reliance Communications (RCom) under the Insolvency and Bankruptcy Code, becoming the first lender to move court against the debt-laden telecom company.
The move is highly unusual. Indian lenders are taking a call on the conversion of this debt into equity.
The Chinese bank was “actively participating” in the joint lenders forum that restructured RCom’s debt under the strategic debt restructuring (SDR) rules, reported the business daily.
Meanwhile, RCom said, “The Company has not been served any notice of the applica…
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