New Delhi: Reliance Communications will opt for insolvency proceedings as it failed to sell assets to pay for its debt, the Anil Ambani-led telecom company said Friday.
"RCom board of directors decides upon implementation of debt resolution plans through NCLT framework," the company said in a statement.
The Board of Directors of RCom Friday reviewed the progress of the company's debt resolution plans since the invocation of strategic debt resolution on June 2, 2017.
The Board noted that, despite the passage of over 18 months, lenders have received zero proceeds from the proposed asset monetisation plans, and the overall debt resolution process is yet to make any headway, the statement said.
"Accordingly, the Board decided that the Company will seek fast track resolution through NCLT, Mumbai. The Board believes this course of action will be in the best interests of all stakeholders, ensuring comprehensive debt resolution in a final, transparent and time bound manner within the prescribed 270 days," the statement said.