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RCom board suspended, resolution professional takes over management
short by Krishna Veera Vanamali / on Thursday, 9 May, 2019
A bankruptcy court has suspended Anil Ambani-led Reliance Communications' (RCom) board and appointed a new interim resolution professional to run the company's operations. The National Company Law Tribunal allowed a consortium of 31 banks, led by SBI, to form a committee of creditors. As per the Insolvency and Bankruptcy Code, the resolution process has to be completed within 270 days.
read more at Bloomberg Quint