News By/Courtesy: Aashita Khandelwal | 11 May 2019 23:18pm IST

HIGHLIGHTS

  • Rcom industry owned by Anil Ambani is the first Anil Ambani group to be bankrupt
  • Rcom industry was given exclusion from the bankruptcy for 367 days to recover which was from May 30th, 2018 to April 30th, 2019
  • Next hearing is on May 30th after which the initial bankruptcy process will begin

Once upon a time, Anil Ambani was the strongest now shattered all over. Reliance communication was the name which was known for its growth and the way of business but everything has to come to an end and Rcom industry is declared bankrupt. Last month Ericcson who was considered to be one of the first creditors took the case to The National Company Law Tribunal. The Rcom industry owed ?1500 crores to Ericcson but agreed on ?550 crores settlement in which Anil Ambani was helped by his elder brother. Mukesh Ambani gave him around ?480 crores to prevent his bankruptcy and also to prevent the jail sentence he might get. Before Ericsson China Development Bank reported to National Company Law Tribunal and claimed their USD 1 billion which the Rcom industry had borrowed and it was settled by giving the portion of its headquarters DAKC in the nearby Navi Mumbai.

Managed to overcome all that, Rcom is now standing on the edge as it now owes over 50,000 crores to the banks which now seems impossible to recover. The improper management of funds and greed of profits led Anil Ambani to all this. The Rcom industry was once the biggest earning business but now is into ashes. Rcom industry was given exclusion from the bankruptcy for 367 days to recover which was from May 30th, 2018 to April 30th, 2019 which is now over. NCLT now appointed SBI to form a committee of creditors and start the insolvency process. Rcom industry owned by Anil Ambani is the first Anil Ambani group to be bankrupt. Next hearing is on May 30th after which the initial bankruptcy process will begin.

Section Editor: Puja Jakhar | 11 May 2019 23:36pm IST


Tags : #Rcom #Reliance #Ambani #AnilAmbani #MukeshAmbani #RComBankrupt

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