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China Development Bank withdraws insolvency petition against RCom

CDB had filed the petition in November seeking insolvency proceedings against RCom, saying a large amount of loan principal and interest payments was overdue

Reuters  |  Mumbai 

China Development Bank (CDB), the biggest foreign lender to India's Reliance Communications Ltd (RCom), on Friday withdrew a petition seeking to drag the indebted telecoms carrier into insolvency. A lawyer for CDB told the National Company Law Tribunal that the Chinese bank had filed to withdraw the petition. The tribunal allowed CDB's plea to go forward. CDB, which is owed around $2 billion along with two other Chinese banks, had filed the petition in November seeking insolvency proceedings against RCom, saying a large amount of loan principal and interest payments was ...

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First Published: Fri, January 05 2018. 15:23 IST
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