23
Friday
February 2018
2:11 AM IST
News Headlines
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | About Deepika 
Business News
China Development Bank Files Insolvency Plea Against Reliance Telecom
 
(Mumbai, Dec 06, 2017):China Development Bank has initiated insolvency proceedings against a second Anil Ambani-promoted firm, Reliance Telecom Ltd. at the National Company Law Tribunal.

CDB sought to club the insolvency pleas initiated by other creditors of Reliance Telecom so that these matters could be heard together. The Chinese bank’s move is, however, likely to be challenged before the tribunal by the Reliance ADAG Group, as per submissions by the company’s lawyers before the NCLT today. Talks are also on between the parties to settle the dispute out-of-court. The matter has been adjourned to Dec. 18.

Reliance Telecom is an arm of the debt-laden RCom which already has four insolvency insolvency cases pending at the NCLT.

CDB recently became the first lender to file insolvency proceedings against RCom, BloombergQuint had reported earlier. It named Alvarez & Marsal (A&M) India as the resolution professional in the matter, people familiar with the development said. The Chinese bank thus joined operational creditors Ericsson India Ltd. and Manipal Tech Ltd. which have filed similar petitions at the Mumbai branch of tribunal seeking resolution under the new Insolvency and Bankruptcy Code.

Most recently, public-relations firm Fortuna Public Relations Pvt. filed its plea, saying RCom owes it Rs 43 lakh. The matter is scheduled to be heard on Dec. 19.

Reliance Telecom offers Global System for Mobile communication cellular services in India. As of Sept. 8, 2006, the company operated as a subsidiary of RCom.

Reliance Telecom was the entity involved in the 2G scam. Earlier this year, the company also got into trouble with the telecom regulator for abruptly halting its services in select areas in Assam.


Sensex slips 144 points ahead of F&O expiry
Rupee declines 30 paise against dollar in early trade
Weak demand, global cues soften gold
Indian IT Likely To See 7-9% Growth In FY19, May Hire 1 Lakh New Techies
Rupee falls 31 paise against US dollar in opening trade
Tata Steel emerges as the highest bidder for Bhushan Steel with a surprise bid of Rs 35,000 crore
Debt-laden Aircel to file for bankruptcy at NCLT
Gold slips on fall in demand, global cues
PNB fraud: Nirav Modi, Mehul Choksi's passport suspended; 50 more firms to be raided
Rupee gains 6 paise against dollar in opening trade
Sensex rises 196 pts, Nifty reclaims 10,600-mark
Re gains 14 P to trade at 2-week high in opening trade
Uber CEO aims to pare losses and get 'the love back'
Jewellery stocks take a hit after PNB fraud
Sensex rises over 200 points, Nifty near 10600
Trump slams India for high import tariffs on Harley-Davidson
PM woos investors at Oman-India business meeting
Sensex sheds 144 pts in late sell-off; bank stocks sink
Rupee gains 19 paise against dollar in opening trade
Sensex recovers 260 points, Nifty above 10,500-mark
KERALA NEWS
Suicide attempt at Kottayam Collectorate
 (Kottayam, Feb 22, 2018, DG): A man attempted suicide at the collectorate building here on Th  
Shuhaib murder: LDF govt open to CBI investigation
Bridegroom arrested in rape case one day before marriage
Kattakkada acid attack: Spurned lover arrested
INTERNATIONAL NEWS
Trump backs ban on 'bump stocks' on semi-automatic weapons
 (New York, Feb 21, 2018): Faced with an outpouring of grief and anger over a deadly school sh
Death toll crosses 200 as Syria regime pounds rebel enclave, sends fighters to face Turkey
Japan plan to build world's tallest wooden skyscraper
Nepal's two Communist parties decide to merge
NATIONAL NEWS
Canadian PM visits Jama Masjid with family
 (New Delhi, Feb 22, 2018): Canadian Prime Minister Justin Trudeau and his family members toda
India ranks 81st in global corruption perception index
Babus to get PM's award for promoting digital payments
PF interest reduction fallout of PNB scam : Mamata
Untitled Page
Rashtra Deepika LTD
Copyright @ 2017 , Rashtra Deepika Ltd.