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The National Company Law Appellate Tribunal (NCLAT) on Tuesday allowed insolvency proceedings against Reliance Communication (RCom) after the debt-laden firm withdrew its petition challenging a decision of National Company Law Tribunal (NCLT) to initiate such proceedings.
The Anil Ambani-promoted firm had moved the application to withdraw its challenge to the insolvency order after the Board of the company on February 1 decided that it would file for insolvency as the attempts to revive the company failed.
The Board had said the lenders had received zero proceeds from the proposed asset monetisation plans and the overall debt resolution process was yet to make any headway.
But wait it will not effect Anil Ambani, big brother Mr. Narandra Modi will get you Billions of Dollar and put you in charge of Maintaining our Air defense.
The Anil Ambani-promoted firm had moved the application to withdraw its challenge to the insolvency order after the Board of the company on February 1 decided that it would file for insolvency as the attempts to revive the company failed.
The Board had said the lenders had received zero proceeds from the proposed asset monetisation plans and the overall debt resolution process was yet to make any headway.
RCom heads for insolvency
The Anil Ambani-promoted firm had moved the application to withdraw its challenge to the insolvency order after the Board of the company on February 1 decided that it would file for insolvency as the attempts to revive the company failed.
www.dnaindia.com
But wait it will not effect Anil Ambani, big brother Mr. Narandra Modi will get you Billions of Dollar and put you in charge of Maintaining our Air defense.