Meanwhile, R-Com, through the existing resolution professional, sought 13 months exclusion in the insolvency process citing the stays it had obtained on the process from the appellate tribunal and the Supreme Court. Its effort to stave off bankruptcy by selling spectrum to Reliance Jio got scuttled after the long legal and government delays for approvals. Insolvency proceedings against R-Com were revived in the NCLT after the appellate tribunal vacated a stay on proceedings against the telecom company and its two units: Reliance Telecom and Reliance Infratel. Singh and Ravikumar Duraisamy directed the existing resolution professional to file a progress report by May 30 when it will hear the matter. Back in February when R-Com first announced to seek shelter under the NCLT resolution process, the company had said: “The R-Com board expects substantial unsustainable debt and liabilities to stand extinguished under the NCLT process.”

Source: The Telegraph May 07, 2019 19:07 UTC