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IOC adds 7 medal events to 2022 Beijing Winter Games program        Indian outplay New Zealand 4-2 in hockey series opener        Samsung, Xiaomi corner 60 pc share of India's smartphone mkt in Q2: Canalys        Indo-Pacific must be free, open and and inclusive region: Swaraj        Indian man shot dead in Canada, two suspects arrested        Trump says looking forward to 'second meeting' with Putin        Mob-lynching cases: Govt asks WhatsApp for solutions beyond labelling forwards        Unidentified 'intruder' killed at Indo-Pak border: official        Oppn, Govt brace for no-trust vote today; BJP confident of win, Cong says issue not just of numbers        Centre Forcing AgustaWestland Middleman To Frame Sonia Gandhi: Congress        We were clinical, says England captain Eoin Morgan        Growth has been solid, hope Olympiad will demonstrate it: Anand        Govt working on another verison of UDAN, says Sinha        Talks on between India, Singapore for cruise tourism: Gadkari        'Not too late to save Brexit': ex-foreign secretary Johnson        Canada: Trudeau set to reshuffle govt ahead of 2019 election        Woman alleges rape by Delhi-based singer        Opposition parties commit to fight against any amendment in RTI Act        Tharoor blames right-wing activists for attacks, demands PM intervention        Women have constitutional right to enter Sabarimala temple: SC        
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Business News
China Development Bank Files Insolvency Plea Against Reliance Telecom
 
(Mumbai, Dec 06, 2017):China Development Bank has initiated insolvency proceedings against a second Anil Ambani-promoted firm, Reliance Telecom Ltd. at the National Company Law Tribunal.

CDB sought to club the insolvency pleas initiated by other creditors of Reliance Telecom so that these matters could be heard together. The Chinese bank’s move is, however, likely to be challenged before the tribunal by the Reliance ADAG Group, as per submissions by the company’s lawyers before the NCLT today. Talks are also on between the parties to settle the dispute out-of-court. The matter has been adjourned to Dec. 18.

Reliance Telecom is an arm of the debt-laden RCom which already has four insolvency insolvency cases pending at the NCLT.

CDB recently became the first lender to file insolvency proceedings against RCom, BloombergQuint had reported earlier. It named Alvarez & Marsal (A&M) India as the resolution professional in the matter, people familiar with the development said. The Chinese bank thus joined operational creditors Ericsson India Ltd. and Manipal Tech Ltd. which have filed similar petitions at the Mumbai branch of tribunal seeking resolution under the new Insolvency and Bankruptcy Code.

Most recently, public-relations firm Fortuna Public Relations Pvt. filed its plea, saying RCom owes it Rs 43 lakh. The matter is scheduled to be heard on Dec. 19.

Reliance Telecom offers Global System for Mobile communication cellular services in India. As of Sept. 8, 2006, the company operated as a subsidiary of RCom.

Reliance Telecom was the entity involved in the 2G scam. Earlier this year, the company also got into trouble with the telecom regulator for abruptly halting its services in select areas in Assam.


Samsung, Xiaomi corner 60 pc share of India's smartphone mkt in Q2: Canalys
Indo-Pacific must be free, open and and inclusive region: Swaraj
Govt working on another verison of UDAN, says Sinha
Talks on between India, Singapore for cruise tourism: Gadkari
Govt doubles import duty on over 50 textile products
Walmart partners with Microsoft for cloud solutions
Niti Aayog working on proposal to replace LPG subsidy with cooking subsidy: Kumar
May announces new 2 bn pounds UK-Italian fighter jet project
Mukesh Ambani beats Alibaba's Jack Ma to become richest man in Asia
Rupee up 19 paise against dollar ahead of key macro data release
Sensex rallies 400 pts to hit record high; RIL shares surge 5%
US dollar ends cheaper against rupee
BSNL starts first internet telephony service in India
Silver futures harden by 0.19% on global cues
Passenger vehicle sales rise 38% in June; car sales up 34%
DoT clears Idea-Vodafone merger with conditions
Goyal asks Coal India to ensure supply for power sector
Higher MSP may have inflation, fiscal costs: Report
Modi govt needs to shed 'obsession' with economic growth: Jean Dreze
Will work closely with West Bengal for its progress: Prabhu
KERALA NEWS
Kerala among 13 states on thunderstorm alert
 (New Delhi, May 7, 2018): Thunderstorms accompanied by squall, hail and heavy rains are likel  
Kerala Karshaka Jadha Opens to a Great Beginning / Video
Malappuram press club attack: RSS workers nabbed
Workers injured in mudslide at construction site
INTERNATIONAL NEWS
Indian man shot dead in Canada, two suspects arrested
 Toronto, Jul 19 (PTI) A 27-year-old Indian man was shot dead by four assailants in his home in Canad
Trump says looking forward to 'second meeting' with Putin
'Not too late to save Brexit': ex-foreign secretary Johnson
Canada: Trudeau set to reshuffle govt ahead of 2019 election
NATIONAL NEWS
Mob-lynching cases: Govt asks WhatsApp for solutions beyond labelling forwards
 New Delhi, Jul 19 (PTI) The government today shot off another notice to WhatsApp asking it to come o
Unidentified 'intruder' killed at Indo-Pak border: official
Oppn, Govt brace for no-trust vote today; BJP confident of win, Cong says issue not just of numbers
Woman alleges rape by Delhi-based singer
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