New Delhi
Reliance Communications will opt for insolvency proceedings as it failed to sell assets to pay for its debt, the Anil Ambani-led telecom company said on Friday.“RCom board of directors decides upon implementation of debt resolution plans through NCLT framework,” the company said in a statement.

The Board of Directors of RCom on Friday reviewed the progress of the company’s debt resolution plans since the invocation of strategic debt resolution on June 2, 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, the statement said.“Accordingly, the Board decided that the Company will seek fast-track resolution through NCLT, Mumbai.