The National Company Law Tribunal Thursday allowed Reliance Communications (RCom) to exclude the 357 days spent in litigation and admitted it for insolvency.
RCom, which owes over Rs 50,000 crore to banks, has become the first Anil Ambani group company to be officially declared bankrupt after the NCLT on Thursday replaced its board and appointed a new resolution professional to run it and also allow the SBI-led consortium of 31 banks to form a committee of creditors.
At the last hearing, Rcom, through the existing resolution professional, had sought 357 days, from May 30, 2018 to April 30, 2019, exclusion in the insolvency process citing the stays it had on the process by the appellate tribunal and the Supreme Court.
A bench comprising VP Singh and R Duraisamy said the matter should proceed in a manner of law and in view of the guidelines, the tribunal grants the exclusion of time for Reliance Infratel and Reliance Telecom along with RCom.
Read EquityPandit’s Technical Analysis Of Nifty