Anil Ambani told the top court that with the failure of its assets sale deal with elder brother Mukesh Ambani-led Reliance Jio his company has entered insolvency proceedings and is not in control of the funds.

Anil Ambani and fellow contemptors were ordered by the apex court to be present at the SC for the proceedings on Wednesday.

A two member bench headed by Justice S J Mukhopadhaya has directed the Ahmedabad bench of the National Company Law Tribunal (NCLT) to decide over the matter by February 19

Earlier this month, the corporate affairs ministry submitted the debt resolution plan for IL&FS; resolution process would be based on the principles enunciated in the Insolvency and Bankruptcy Code.

More than 120 million shares of RCom reportedly changed hands in less than 45 minutes of trade compared to its 30-day average of 63 million shares