Debt-ridden RCom to file for bankruptcy as lenders fail to reach consensus

The company Board cited lack of approvals and consensus on important issues as the primary reason for its decision

After almost one-and-a-half years of unsuccessful attempts to revive the firm, the Anil Ambani-led debt-ridden Reliance Communications (RCom) Board decided on Friday to take the firm to the bankruptcy court. It decided to move the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016. The Board decided to seek fast-tracking the debt-resolution plans through the NCLT, Mumbai. The firm’s Board reviewed the progress of the RCom’s debt resolution plans since the invocation of strategic debt restructuring (SDR) in 2017. The Board noted that despite the passage of over 18 months, lenders have received zero proceeds from the