Anil Ambani led company Reliance Communications, has been officially declared bankrupt by the National Company Law Tribunal.
According to a report by India Today, the company owes ₹50,000 crore towards a consortium of banks led by the State Bank of India.
RCom is apparently the first company in the Reliance group to be declared bankrupt.
The company stopped its operations two years ago after it suffered huge losses with the introduction of Reliance Jio by Mukesh Ambani.
As of now, the NCLT has superseded RCom’s board and a new resolution professional has been appointed to run it.