Anil Ambani's RCom To Opt For Insolvency As It Fails To Repay Debt

Mukesh Ambani who had made the telecom industry by launching Jio more powerful by giving the phones and offering recharge offers with a ver...

Mukesh Ambani who had made the telecom industry by launching Jio more powerful by giving the phones and offering recharge offers with a very low price where with his Jio Offers as it has made the internet affordable to middle-class people. It is giving the huge competition for all other Telecom networks. However, a case has been filed against his brother Anil Ambani by Swedish multinational networking and telecommunications company headquartered in Stockholm and had filed the first petition before National Company Law Tribunal to invoke insolvency proceedings against RCom.



It is estimated that RCom has been reeling under debt of over Rs 46,000 crore. Now, Anil Ambani-led Reliance Communications has decided to opt for insolvency proceedings, according to a communique released by the company. “RCom board of directors decides upon implementation of debt resolution plans through NCLT framework,” the company said in the statement.

Also, RCom failed to sell spectrum to Mukesh Ambani's Reliance Jio, a deal that was expected to bring some relief to the cash-strapped company.

“The Board of Directors of RCom today reviewed the progress of the company’s debt resolution plans since the invocation of SDR on 2nd June 2017. The Board noted that despite the passage of over 18 months, lenders have received zero proceeds from the proposed asset monetisation plans, and the overall debt resolution process is yet to make any headway,” said the statement.
“Accordingly, the Board decided that the Company will seek fast track resolution through NCLT, Mumbai,” the statement said.

“The Board believes this course of action will be in the best interests of all stakeholders, ensuring comprehensive debt resolution in a final, transparent and time-bound manner within the prescribed 270 days,” it added.

RCom was expecting to realise Rs 975 crore from sale of spectrum to Jio which it promised to use paying dues of Rs 550 crore to Ericsson and Rs 230 crore to settle dues of minority stakeholder Reliance Infratel.

Reliance from Anil’s side has been claiming that they are waiting for some money to get received after some big deals, but have been unable to pay the dues for a really very long time.

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All India Daily: Anil Ambani's RCom To Opt For Insolvency As It Fails To Repay Debt
Anil Ambani's RCom To Opt For Insolvency As It Fails To Repay Debt
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