31 Lenders Led By SBI Move NCLT To Begin Bankruptcy Process Against Anil Ambani’s RCom 

31 Lenders Led By SBI Move NCLT To Begin Bankruptcy Process Against Anil Ambani’s RCom RCom chairman Anil Ambani speaking at an event at the company’s headquarters in Mumbai. (Abhijit Bhatlekar/Mint via Getty Images)

As a stepping stone to begin the bankruptcy process against Anil Ambani group, which owes around Rs 50,000 crore, 31 lenders led by State Bank of India (SBI) moved the National Company Law Tribunal (NCLT) to appoint a new resolution professional and form a committee of creditors, reports the New Indian Express.

In the meantime, the crippled RCom has sought 13 months exclusion, from 30 April 2018 to 30 May 2019, in the insolvency process citing the stays it had on the process by the appellate tribunal and the Supreme Court. RCom was forced to discontinue operations two years ago.

Lengthy legal procedures undid RCom from selling spectrum to Reliance Jio. The company has also failed to fulfil any of the publicly made promises to pay back the lenders by monetising its real estate and spectrum assets.

A last-minute bailout by brother Mukesh, had, last month, saved the company chairman Anil Ambani who was facing an imminent jail term in contempt of court. Mukesh extended him over Rs 480 crore to pay back the vendor Ericsson.

Ericsson along with China Development Bank, from which RCom borrowed more than 1 billion dollars, had dragged the case to NCLT.