most RCOM lenders to oppose China bank’s insolvency plea

Mumbai : Reliance Communications Ltd on Thursday claimed that a majority of its lenders have decided to oppose the insolvency petition filed against the company by China Development Bank (CDB). The Chinese bank had filed the insolvency plea against the Anil-Ambani firm before the National Company Law Tribunal (NCLT), seeking repayment of dues worth 90 bln rupees. Lenders to the company met on Wednesday and 31 of them, foreign as well as Indian, decided to appoint J. Sagar Associates as the legal counsel to oppose the plea in the tribunal, Reliance Communications said in a statement.