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<ul><li>The financial creditors of RCom have filed a motion in the NCLT to form a committee of creditors and appoint a resolution professional - a necessary precursor to initiating full-fledged insolvency proceedings. </li><li>Concurrently, RCom is hoping for an exclusion of the last 13 months in the insolvency process after initial proceedings commenced last April. Under the Insolvency and <keyword id="43550" type="EVENT" weightage="20" keywordseo="Bankruptcy">Bankruptcy</keyword> Code, a resolution has to be completed within 270 days. </li><li>RCom owes around 31 creditors - mainly the State Bank of India - around ₹500 billion.</li></ul>The financial creditors of <keyword id="9171" type="PERSON" weightage="20" keywordseo="Anil-Ambani">Anil Ambani</keyword>’s <keyword id="46907" type="COMPANY" weightage="20" keywordseo="Reliance-communications">Reliance Communications</keyword> (RCom) <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/nclt-begins-bankruptcy-process-for-anil-ambanis-reliance-communications/articleshow/69221685.cms">have filed a motion</a> in the National Companies Law Tribunal, a bankruptcy court, to form a committee of creditors and appoint a resolution professional - a necessary precursor to initiating a full-fledged bankruptcy process. Concurrently, RCom is hoping for an exclusion of the last <a href="https://www.business-standard.com/article/companies/insolvency-woes-rcom-resolution-professional-asks-for-13-month-exclusion-119050701364_1.html">13 months</a> in the insolvency process. The company has asked the interim resolution professional for an exclusion from end-April 2018 to end-May 2019 as the initial insolvency proceedings were stayed by the National Company Law Appellate Tribunal and Supreme Court. Under the Insolvency and Bankruptcy Code, a resolution has to be completed within 270 days. <keyword id="6356812" type="COMPANY" weightage="20" keywordseo="ericsson">Ericsson</keyword> had initiated the earlier insolvency proceedings. RCom owes around 31 creditors - mainly the State Bank of India - around ₹500 billion. The cash-strapped company discontinued its core telecom business two years ago after the entry of Mukesh Ambani-led Jio. In an interesting turn of events, it was actually counting on the sale of spectrum to Jio to stay afloat, <a href="https://www.businessinsider.in/mukesh-ambanis-reliance-jio-decides-that-it-may-be-too-expensive-to-give-brother-anil-ambanis-rcom-a-lifeline-after-all/articleshow/67174546.cms">a deal Mukesh Ambani reneged on</a> because it would have meant taking partial responsibility for RCom’s dues. RCom was counting on the deal, which involves the sale of around ₹200 billion worth of spectrum to Jio, to restructure its debt and settle its dues with a range of creditors, most notably, Ericsson, which is still waiting on a ₹5.5 billion principal payment in addition to interest. After Ericcson took RCom to court and Anil Ambani was threatened with jail time, Mukesh Ambani <a href="https://www.businessinsider.com/indias-rcom-jumps-after-mukesh-ambani-bails-out-brother-anil-on-ericsson-dues-2019-3?IR=T">finally stepped in </a>and helped his brother pay down the outstanding amount. SEE ALSO: <a href="https://www.businessinsider.in/anil-ambanis-reliance-group-subsidiaries-get-hit-with-credit-downgrades/articleshow/69092059.cms">Anil Ambani’s woes get compounded with a series of downgrades for three Reliance Group subsidiaries</a> <a href="https://www.businessinsider.in/mukesh-ambanis-reliance-jio-decides-that-it-may-be-too-expensive-to-give-brother-anil-ambanis-rcom-a-lifeline-after-all/articleshow/67174546.cms">Mukesh Ambani’s Reliance Jio decides that it may be too expensive to give brother Anil Ambani’s RCom a lifeline after all</a> <a href="https://www.businessinsider.com/indias-rcom-jumps-after-mukesh-ambani-bails-out-brother-anil-on-ericsson-dues-2019-3?IR=T">India's RCom jumps after Mukesh Ambani bails out brother Anil on Ericsson dues</a>

The creditors of Anil Ambani’s cash-strapped Reliance Communications are finally making it undergo bankruptcy proceedings

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The creditors of Anil Ambani’s cash-strapped Reliance Communications are finally making it undergo bankruptcy proceedings

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