China Development Bank withdraws insolvency petition against Reliance Communications
ET Bureau|
Jan 05, 2018, 02.48 PM IST
MUMBAI: China Development Bank (CDB) on Friday withdrew its insolvency filing against Reliance Communications, but said it retained the right to file an application again if it does not recover its Rs 11,460 crore dues from the Anil Ambani-led telco.
Senior counsel Darius Khambatta said that since RCom's asset monetisation plan is upto March 2018, CDB is accommodating for the benefit of all creditors.
CDB, which is RCOm's largest lender, had moved the National Company Law Tribunal (NCLT) last November against both RCom and its subsidiary Reliance Telecom in a bid to recover its dues.
RCom shares were up 4.2% on BSE at Rs 34.75 in early afternoon trade.
Swedish gear maker Ericsson, however, said, it would continue its case against RCom, making it the sole foreign company battling to recover its dues from the beleaguered telco.
ET had reported on Friday that CDB planned to withdraw its insolvency filing RCom. A person familiar with matters had told ET that the Chinese bank had already received some payment and is happy with the deal it is being offered.
Senior counsel Darius Khambatta said that since RCom's asset monetisation plan is upto March 2018, CDB is accommodating for the benefit of all creditors.
CDB, which is RCOm's largest lender, had moved the National Company Law Tribunal (NCLT) last November against both RCom and its subsidiary Reliance Telecom in a bid to recover its dues.
RCom shares were up 4.2% on BSE at Rs 34.75 in early afternoon trade.
Swedish gear maker Ericsson, however, said, it would continue its case against RCom, making it the sole foreign company battling to recover its dues from the beleaguered telco.
ET had reported on Friday that CDB planned to withdraw its insolvency filing RCom. A person familiar with matters had told ET that the Chinese bank had already received some payment and is happy with the deal it is being offered.
