The company further added in its filing that at present, the RCom is undergoing corporate insolvency resolution process pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016. And the company’s debts shall be settled in accordance with code provisions.
Anil Ambani’s Reliance Communication (RCom) on October 4 reported company’s total indebtedness of Rs 40, 413 crore as of September 30. The total debt includes long and short term liability.
The company said in an exchange filing that this total does not include accrued interest of Rs 27,867 crore on loans from banks and financial institutions, nor does it factor in Rs 3,151 crore in interest on Non-Convertible Debentures (NCDs).
The company further added in its filing that at present, the RCom is undergoing corporate insolvency resolution process pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016. And the company’s debts shall be settled in accordance with code provisions.
Anil Ambani’s RCom was the second leading player in the realm of telecommunications but it failed to handle the price war after his elder brother Mukesh Ambani launched Reliance Jio. Anil Amabni’s company slipped into financial distress since then.
After differences emerged between him and Mukesh Ambani, Anil got control of power , telecommunications and financial services through a demerger while Mukesh took over the traditional business of oil and petrochemicals.
Anil Ambani tried for expansion in various sectors over the period of time but he did not get results as per expectations and in 2019 he was warned by the Supreme Court that could go to jail after his company failed to pay Rs 550 crore to India’s Ericsson AB unit.
The top court gave Anil Ambani a month’s time to arrange the funds, but Mukesh Ambani intervened and made the necessary arrangements of funds .
Later, Anil Ambani entered defense manufacturing and entertainment sectors but faced hardships and it rose his debts.