In a regulatory filing, Reliance Communications (RCOM) has stated that it has failed to pay its third installment of Rs 3.75 billion of principal on non-convertible debentures (NCDs), which was due on February 7, 2018 as it is in the midst of asset monetisation and is working expeditiously to complete the process.

RCOM pointed that the asset sale proceeds shall be used to repay the company's debt including the NCDs in such a manner as may be decided by the Joint lenders' forum (JLF).

Earlier, RCOM had decided to shut its 2G and 3G wireless business and sold its wireless assets including spectrum, tower, fibre and media convergence nodes to Reliance Jio Infocomm Limited for under Rs 240 billion. The sale of wireless assets is expected to get completed by March 2018 in a phased manner subject to regulatory approvals.