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Fortuna PR files insolvency plea against RCOM; becomes fifth company to do so

December 05, 2017

Fortuna Public Relations (Fortuna PR) has filed an insolvency petition Reliance Communications (RCOM) in a bid to recover dues worth Rs 4.3 million. The petition has been filed by Fortuna PR in the Mumbai bench of the National Company Law Tribunal (NCLT), and the hearing is scheduled for December 19, 2017.

By doing so, Fortuna PR has become the fifth company to file insolvency petition against RCOM. Earlier, companies filed insolvency petitions against the company after its merger plans with Aircel fell through. Swedish telecom equipment maker Ericsson is fighting RCOM to recover dues worth Rs 11.50 billion. Manipal Technologies, meanwhile, has approached the National Company Law Appellate Tribunal to recover dues to the tune of Rs 27.4 million. The China Development Bank (CDB) also filed an insolvency case against RCOM at the Mumbai bench of the National Company Law Tribunal. RCOM owes around Rs 90 billion to CDB.

RCOM has been reeling under a debt burden of Rs 450 billion. Recently, its lenders approved the sale of its real estate assets in Delhi and Chennai to Canada-based asset management firm Brookfield for an amount of Rs 8.01 billion. Proceeds from the asset sale will be used by RCOM for reducing its debt.

Meanwhile, RCOM is under a standstill period for interest and principal repayments till December 2018 and expects to complete the strategic debt restructuring process as per the applicable Reserve Bank of India guidelines

 
 

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