Failure to secure approval from 40 lenders, legal challenges posed by the department of telecom (DoT), and continuous litigation by other parties have sent debt-crippled RCom to the National Company Law Tribunal (NCLT) for bankruptcy proceedings. "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," RComs statement said.
The company had been trying to conclude its Rs 25,000 crore 2017 deal with Reliance Jio (owned by Mukesh Ambani). So far, RCom has completed Rs 5,000-crore worth of transactions for its nodes and fibre assets. The proceeds from the Jio deal and from its plans to sell prime real estate in Mumbai and Delhi would have contributed to paring down debt of about Rs 46,000 crore. But now, with the NCLT in the picture, the Jio deal might hit a brick wall. There is after all the possibility of objections to transactions between companies owned by brothers when bankruptcy is the issue.