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CDB withdraws insolvency plea against Reliance Communications

January 05, 2018

The China Development Bank (CDB) has withdrawn its insolvency plea against Reliance Communications (RCOM) before the National Company Law Tribunal (NCLT).

CDB withdrew its plea as it has already received partial payment and is satisfied with the deal being offered. However, the CDB still has the right to file a new petition if its final payment is delayed.

CDB had filed a petition with the NCLT on November 24, 2017, becoming the first of RCOM’s major financial creditors to invoke insolvency proceedings against RCOM under the new Insolvency and Bankruptcy Code. CDB accounts for 37 per cent of RCOM’s secured debt which amounts to Rs 114.6 billion. Further, Ericsson, an operational creditor is aiming to recover Rs 11.5 billion from the operator. To this end, Ericsson is now the sole foreign company battling to recover dues from RCOM.


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