According to Economic Times, Anil Ambani led Reliance Communications will move the insolvency tribunal to seek bankruptcy to repay lenders ₹42,000 crore worth of debt.
The company seeks to sell assets to repay the lenders within 270 days.
The company in a statement on Friday said,
The board noted that, despite the passage of over 18 months, lenders have received zero proceeds from the proposed asset-monetisation plans, and the overall debt-resolution process is yet to make any headway.
They also said that RCom had previously been unable to complete its ₹18,000 crore asset sale plan due to various legal hurdles.
The lenders’ consortium includes State Bank of India, China Development Bank, Union Bank, Canara Bank, IDBI Bank, Standard Chartered Bank and HSBC.