Anil Ambani's bankruptcy filing may have a clear winner, his elder brother

After inheriting the Reliance group, the rival siblings in 2005 divided the group in a peace pact brokered by their mother Kokilaben Ambani

In a twist to the tale of two rival billionaire brothers in India, a bankruptcy filing by Anil Ambani’s wireless carrier could have one clear winner -- his elder sibling’s disruptive mobile phone unit.

The process initiated Friday in Mumbai, once admitted by the court, would leave Ambani’s Reliance Communications Ltd., or RCom, 270 days to repay debt or liquidate. The company voluntarily took the step after a planned sale of tower, spectrum and fiber assets to older sibling Mukesh Ambani’s Reliance Jio Infocomm Ltd. stalled. The Rs 173-billion ($2.4 billion) deal had prompted objections and lawsuits from creditors seeking payment