New Delhi: Anil Ambani, on Friday decided to file for insolvency for his debt-laden telecom venture named Reliance Communications. He took the decision because he was burdened with a mounting debt of Rs 46000 crore and was unable to sell its spectrum assets to elder brother Mukesh Ambani Rilance Jio.
The insolvency filling comes weeks after Swedish network giant named Ericsson petitioned the Supreme Court to arrest Anil over recurring delays in payment of the dues of worth Rs 550cr and also accused the businessman of engaging in “gross and willful contempt” of the apex court.
RCom said that despite 45 meetings in over 12 months, 100% approval of all 40 lenders had been “impossible to achieve” on any matter. Other factors that prompted it to opt for insolvency were “recurring legal challenges by department of telecom (DoT) for spectrum monetisation” , as described by the company and also the continuing litigation by other parties.