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Insolvency woes: RCom resolution professional asks for 13-month exclusion

NCLT tells interim RP's counsel to file separate plea

Ericsson was opposed to RCom's move of undergoing insolvency proceedings as it would then have to let go of the money it had received
Ericsson was opposed to RCom’s move of undergoing insolvency proceedings as it would then have to let go of the money it had received

The interim resolution professional of Reliance Communications (RCom) has sought an exclusion of 13 months (April 30, 2018-May 30, 2019) in RCom’s corporate insolvency resolution process (CIRP).  This is because the initial insolvency proceedings against the debt-ridden telecom company was stayed by the National Company Law Appellate Tribunal (NCLAT) and the Supreme Court. Under the Insolvency and Bankruptcy Code (IBC), a maximum of 270 days is allowed for completing the resolution process, which has passed if the exclusion is not granted. The tribunal has ...