 "Reliance Communications")
Indian banks, which summoned an urgent joint lenders forum this week after China Development Bank moved the National Corporate Law Tribunal (NCLT) for insolvency proceedings against Reliance Communications, will be forced to join the Chinese bank’s petition if admitted, according to bankers.
Reliance Communications owes $1.4 billion to the Chinese bank, which funded its equipment purchases overseas. On a consolidated basis, Reliance Communications owed Rs 49,061 crore to all banks in March this year.
Once the case is admitted by the NCLT, the Indian lenders to Reliance Communications will have to immediately make a provision for 50 per cent of
