Reliance Communications files for bankruptcy for debt resolution

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Reliance Communications (RCOM) has anounced that it has filed for bankruptcy with the National Company Law Tribunal (NCLT) in Mumbai, after its debt resolution plans have failed since the invocation of Strategic Debt Restructuring (SDR) on 2nd June 2017.  Despite the passage of over 18 months, lenders have received zero proceeds from the proposed asset monetization plans, and the overall debt resolution process is yet to make any headway, said the company.

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