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RCom decides to file for insolvency, to approach NCLT


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Gold Member
Mumbai: Reliance Communications has decided to file for insolvency and will move the National Company Law Tribunal (NCLT) for fast track resolution.

The decision was taken after a meeting called for by RCom's Board of Directors on Friday to review the progress of the company’s debt resolution plans.

RCOM is under a debt of Rs 46,000 crore and is facing litigation from telecom equipment making company, Ericsson, for non-payment of dues of Rs 550 crore. The Supreme Court had ordered Anil Ambani-led RCOM pay the dues with interest to Ericsson by December 31. Anil Ambani is also facing a contempt case for non payment of dues despite the court order.

Read more at: http://www.sify.com/finance/rcom-de...proach-nclt-news-corporate-tccrv8hhfhhgb.html

Oh the government has handed over Rafale agreement to Anil Ambani. It will help Anil Ambani but his creditors the national Banks will get shafted. That means the taxpayers will have to pay up.
And Modi supporters still support the Rafaele debacle.

Former French president on Friday afternoon stated that Indian government proposed Reliance Defence as the partner for Dassault Aviation in the Rs 58,000 crore Rafale jet fighter deal.

Can you trust our country's defense to Mr. Anil Ambani?

Read more at: http://www.sify.com/finance/rcom-de...proach-nclt-news-corporate-tccrv8hhfhhgb.html
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