Profit

Relief For RCom! China Development Bank Withdraws Insolvency Petition

The biggest foreign lender to Reliance Communications withdraws petition seeking to drag the indebted telecoms carrier into insolvency.

8 Shares
EMAIL
PRINT
COMMENTS
Relief For RCom! China Development Bank Withdraws Insolvency Petition

The Chinese bank had filed to withdraw the petition, a lawyer tells National Company Law Tribunal.


Mumbai: China Development Bank (CDB), the biggest foreign lender to Reliance Communications Ltd (RCom), on Friday withdrew a petition seeking to drag the indebted telecoms carrier into insolvency.

A lawyer for CDB told the National Company Law Tribunal that the Chinese bank had filed to withdraw the petition. The tribunal allowed CDB's plea to go forward.

CDB, which is owed around $2 billion along with two other Chinese banks, had filed the petition in November seeking insolvency proceedings against RCom, saying a large amount of loan principal and interest payments was overdue.

After RCom's debt-reduction plan, including an asset sale to Reliance Jio Infocomm, was announced last week, CDB told Reuters that it was in talks with RCom.
© Thomson Reuters 2018


(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)


Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on ndtv.com/elections. Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general elections.

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................

Top