RCom lenders to oppose China Development Bank's insolvency petition

CDB had earlier filed a petition opposing RCom-Aircel merger in May this year. The Chinese lender withdrew its petition later

Majority of lenders to debt-ridden Reliance Communications (RCom) have decided to oppose China Development Bank’s (CDB’s) insolvency petition submitted to the National Company Law Tribunal (NCLT).

RCom said, “At a committee of creditors meeting on 29 November 2017, a majority of RCom’s lenders, foreign and Indian, aggregating 31, decided to oppose CDB’s insolvency petition against RCom before the NCLT, Mumbai.”

The lenders also decided to appoint J Sagar Associates as their legal counsel to oppose the said CDB petition at the admission stage itself, said RCom. RCom owes about 38 per cent of its total secured debt to the Chinese lender. CDB