The National Company Law Tribunal on Thursday allowed Reliance Communications to exclude the 357 days spent in litigation and admitted it for insolvency.<\/p>\n\n\n\n
With this, RCom, which owes over Rs 50,000 \ncrore to banks, has become the first Anil Ambani group company to be \nofficially declared bankrupt after the NCLT on Thursday superseded its \nboard and appointed a new resolution professional to run it and also \nallow the SBI-led consortium of 31 banks to form a committee of \ncreditors.<\/p>\n\n\n\n
The RP sought the exclusion from May 30, 2018 to April\n 30, 2019 as the initial insolvency proceedings was stayed by the \nNational Company Law Appellate Tribunal and later by the apex court.<\/p>\n\n\n\n
A\n Bench comprising VP Singh and R Duraisamy said the matter should \nproceed in a manner of law and in view of the guidelines, the tribunal \ngrants the exclusion of time for Reliance Infratel and Reliance Telecom \nalong with RCom.<\/p>\n\n\n\n
At the last hearing, Rcom, through the existing \nresolution professional, had sought 357 days exclusion in the \ninsolvency process citing the stays it had on the process by the \nappellate tribunal and the Supreme Court.<\/p>\n\n\n\n
RCom was in trouble for\n years forcing it to discontinue operations two years ago. Its effort to\n stave off bankruptcy by selling spectrum to Reliance Jio got scuttled \nafter legal and government delays for approvals.But it could not meet \nany of the several publicly made promises to pay back the lenders by \nmonetising real estate and spectrum assets.<\/p>\n\n\n\n
Last month company \nchairman Anil Ambani managed to avoid a contempt of the Supreme Court \nand a possible jail term after a last-minute bailout by elder brother \nMukesh who extended him over Rs 480 crore to pay back vendor Ericsson, \nwhich was the first operational creditor to drag it to NCLT.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The National Company Law Tribunal on Thursday allowed Reliance Communications to exclude the 357 days spent in litigation and admitted it for insolvency. With this, RCom, which owes over Rs 50,000 crore to banks, has become the first Anil Ambani group company to be officially declared bankrupt after the NCLT on Thursday superseded its board […]<\/p>\n","protected":false},"author":1,"featured_media":60960,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-60959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/60959","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=60959"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/60959\/revisions"}],"predecessor-version":[{"id":60961,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/60959\/revisions\/60961"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/60960"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=60959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=60959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=60959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}