 "RCom, China bank move to 'settle' insolvency petition")
Reliance Communications (RCom) and China Development Bank (CDB) on Friday approached the National Company Law Tribunal (NCLT) in Mumbai for an adjournment of the latter’s insolvency petition till next month, amid talks they have begun negotiations for an out-of-court settlement.
CDB, which had lent $1.78 billion to RCom, had filed the petition under the Insolvency and Bankruptcy Code (IBC) on November 27, after the company defaulted on its dues.
The petition came at a time when the state-owned banks were in talks with RCom for converting a part of their Rs 45,800 crore of loans into equity. The
CDB, which had lent $1.78 billion to RCom, had filed the petition under the Insolvency and Bankruptcy Code (IBC) on November 27, after the company defaulted on its dues.
The petition came at a time when the state-owned banks were in talks with RCom for converting a part of their Rs 45,800 crore of loans into equity. The
