The bankruptcy filing comes weeks after Swedish Network Giant Ericsson appealed to Supreme Court to arrest Anil over recurring delays in payment of RCom’s dues worth Rs 550 crore. “RCom board of directors decides upon implementation of debt resolution plans through NCLT framework,” the company said in the statement.

“The Board of Directors of RCom today reviewed the progress of the company’s debt resolution plans since the invocation of SDR on 2nd June 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,” said the statement.

In September 2018, Ambani had announced that the cash-strapped Reliance Communications will be completely exiting the telecom business to concentrate on real estate in future.

The bankruptcy filing comes weeks after Swedish Network Giant Ericsson appealed to Supreme Court to arrest Anil over recurring delays in payment of RCom’s dues worth Rs 550 crore. “RCom board of directors decides upon implementation of debt resolution plans through NCLT framework,” the company said in the statement.

“The Board of Directors of RCom today reviewed the progress of the company’s debt resolution plans since the invocation of SDR on 2nd June 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,” said the statement.

In September 2018, Ambani had announced that the cash-strapped Reliance Communications will be completely exiting the telecom business to concentrate on real estate in future.