Reliance Communications (RCom) reportedly is in settlement talks with China Development Bank (CDB), one of its largest creditors, even as the Chinese government banker sought to club its insolvency petition against the Anil Ambani-led company with other petitions seeking the same.
CDB is looking to recover $1.78 billion, or about Rs 11,460 crore, of dues the debt-laden telecom operator battling multiple insolvency cases. The Chinese bank, accounting for 37.11% of RCom’s total secured debt, moved NCLT in November against both RCom and its subsidiary Reliance Telecom since the former was the guarantor and the latter the principal borrower. Moreover, NCLT will take a call on December 18 if the insolvency petition should be admitted.
Reliance Communications is India’s foremost and truly integrated telecommunications service provider.
