Anil Ambani’s Reliance Communications files for insolvency

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The RCom board noted that despite the approval of more than 18 months, lenders have not received revenue from proposed asset monetization plans, and the overall debt resolution process has not yet advanced, according to the statement.
By ENS Economic Bureau | Mumbai | Updated: February 2, 2019 7:24:27 a.m.

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Reliance Communications, controlled by the Anil Ambani group, decided to opt for insolvency proceedings through the National Societies Law Court (NCLT) after not selling assets to pay debts in the amount of around 45,000 million of rupees.
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“The RCom board of directors decides on the implementation of the debt resolution plans through the NCLT framework,” the company said in a statement. The board of directors of RCom reviewed Friday the progress of the debt resolution plans of the company since the invocation of the strategic debt resolution on June 2, 2017.

RCom’s plan to sell spectrum to Reliance Jio, owned by Reliance Industries of Mukesh Ambani, did not materialize. The Swedish telecommunications firm Ericsson had previously filed a petition with the NCLT to invoke insolvency proceedings against RCom.