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Tuesday
November 2018
11:29 PM IST
News Headlines
Preparing for Australia tour by watching videos: Shami        India invites Swedish companies to explore investment opportunities        Govt cancels ED officer Rajeshwar Singh's leave        175 dead, over 10,000 affected by Nigeria cholera outbreak        Lankan parties move SC against Parliament dissolution by Prez Sirisena        Delhi pollution: Task forces conducts meetings on WhatsApp for urgent decisions        PM slams Rahul, Sonia for questioning note ban; need no certificate from those on bail        70 per cent turnout in first phase of Chhattisgarh polls: EC        Union Minister Upendra Kushwaha attacks NDA ally Nitish Kumar amid reports of RLSP MLA joining JD(U)        Mining Baron Janardhana Reddy Remanded in Custody Till November 24 for 'Shielding' Ponzi Scam Accused Father-Son        Death toll hits 25 from wildfires at both ends of California        "Nationalism Betrayal Of Patriotism": Emmanuel Macron, Trump By His Side        3rd T20: Dhawan, Pant take Ind to victory, series win        FC Goa beat Kerala Blasters 3-1 in ISL        One killed, several injured in stabbing attack in Melbourne: Police        Journalists beware: After Bloomberg bots, AI news presenter debuts in China        Harmanpreet Kaur’s record century headlines India’s big win over NZ in opener        Mumbai City end NorthEast United’s unbeaten run        Chelsea beat BATE 1-0 in Europa League        Srikanth enters pre-quarterfinals of China Open        
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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.


India invites Swedish companies to explore investment opportunities
Govt cancels ED officer Rajeshwar Singh's leave
Facebook blocks 115 accounts ahead of US midterm elections
Indian norms on PCA, capital are conservative, rule-based: SBI
SBI back in black on credit growth
TN transport employees threaten to go on strike
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Rupee declines 11 paise to close at 73.27 against US dollar
Gold rises in futures trade; up 0.54% on global cues
Mistry announces startup fund on 2nd anniversary of his ouster
BSE gets Sebi's nod to launch Oman crude oil contract
Sensex cracks 34,000-mark, Nifty below 10,200 on weak global cues
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Reliance Industries posts net profit of Rs 9516cr in Q2
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RBI springs surprise, keeps interest rates unchanged
KERALA NEWS
Sabarimala protests: Arrests up to 2061, Kerala HC warns police
 Thiruvananthapuram, OCT 27: As the number of people arrested for allegedly being involved in violent  
Vijayan urges UAE Keralites to back salary challenge
Sabarimala row: Protests against SC verdict continue
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INTERNATIONAL NEWS
175 dead, over 10,000 affected by Nigeria cholera outbreak
 Lagos, Nov 12 (AFP) Suspected cholera cases have jumped in northeast Nigeria where Boko Haram violen
Lankan parties move SC against Parliament dissolution by Prez Sirisena
Death toll hits 25 from wildfires at both ends of California
"Nationalism Betrayal Of Patriotism": Emmanuel Macron, Trump By His Side
NATIONAL NEWS
Delhi pollution: Task forces conducts meetings on WhatsApp for urgent decisions
 New Delhi, Nov 12 (PTI) What happens when air pollution levels in the national capital are 'severe'
PM slams Rahul, Sonia for questioning note ban; need no certificate from those on bail
Union Minister Upendra Kushwaha attacks NDA ally Nitish Kumar amid reports of RLSP MLA joining JD(U)
Mining Baron Janardhana Reddy Remanded in Custody Till November 24 for 'Shielding' Ponzi Scam Accused Father-Son
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