Anil Ambani’s RCom Bankrupt Seeks Insolvency

Just about a year after RCom averted three insolvency petitions filed by Swedish networking company Ericsson against it, the Anil Ambani-led company has now decided to move the Mumbai bench of the National Company Law Tribunal (NCLT) to file for bankruptcy. The company board, in its stock exchange filing on Friday, explained that the step has been taken to pare its pilling debt of over Rs 46,000 crore through the asset sale.