China Development Bank Withdraws Insolvency Plea Against RCom
China Development Bank has withdrawn its insolvency plea against Reliance Communication.
Lawyers for China Development Bank, the first lender to file for insolvency proceedings against the indebted Reliance Communications Ltd., today told the National Company Law Tribunal that it is withdrawing its plea.
This comes a week after Mukesh Ambani's Reliance Industries Ltd. agreed to buy spectrum, towers and other wireless infrastructure from his younger brother Anil Ambani's RCom. While the companies didn’t disclose the acquisition value, Anil Ambani had said earlier the assets were worth Rs 25,000 crore.
The deal followed an asset monetisation process for RCom assets mandated by its lenders and managed by SBI Capital Markets Ltd. China Development Bank too had agreed to this debt resolution plan, Anil Ambani said at an earlier press conference.