China Development Bank plans to withdraw insolvency filing against RCOM

 

RCOM has clarified that China Development Bank (CDB) withdrew its insolvency petition against Reliance Communications (RCom) at the Mumbai bench of the National Company Law Tribunal (NCLT).

The company added, “With reference to your above referred email, we draw your kind attention to our letter dated November 27, 2017 informing you of the Insolvency Applications filed before the National Company Law Tribunal, Mumbai bench(NCLT) by China Development Bank (CDB) against the Company and its subsidiaries. The said matter was listed at the NCLT for hearing on January 5, 2018.”

The NCLT dismissed the said IBC applications, as withdrawn by CDB.

CDB, had filed the petition in November seeking insolvency proceedings against RCom.

Reliance Jio Infocomm (Jio) also announced that it will acquire wireless assets from Reliance Communications (RCom) including wireless spectrum, tower, fibre and media convergence nodes.

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Yash Ved
Yash Ved is a Senior Correspondent at NewsBarons and comes with a decade of experience across leading online and offline publications. A keen observer of the stock index movement, Yash also likes covering Real Estate and the BFSI sector. A financial management and Journalism student, Yash believes learning as a continuous journey and enjoys following the IT and the Pharmaceutical industry and has penned many articles on the subjects.
yash@newsbarons.com