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.

Source: The Indian Express

The company seeks to sell assets to repay the lenders within 270 days. 

Source: Business Standard

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.

Source: NDTV

The lenders' consortium includes State Bank of India, China Development Bank, Union Bank, Canara Bank, IDBI Bank, Standard Chartered Bank and HSBC.