The bankruptcy process starts for RCom
MUMBAI: Lenders To The Crippled Reliance Communications ( RCom ) Moved On Tuesday NCLT Appoint A New Professional Delegate And Form A Commission Of Creditors - The First Step To Take The Bankruptcy Process Anil Ambani Group Company Close To Rs 50,000 Crore Thanks To 31 Lenders Led By State Bank Of India.
RCom through existing resolution professional, sought 13 months' exclusion in insolvency process, citing the stays it had on the process by the appellate tribunal and the Supreme Court. The RP sought the exclusion from April 30, 2018 to May 30, 2019. RCom was in trouble for years, forcing it to discontinue operations two years ago. Its effort to stave off Bankruptcy by selling spectrum to Reliance Jio got scuttled after the long legal and government delays for approvals.