Former Billionaire Anil Ambani’s Reliance Communications Ltd. will fall back into bankruptcy as an appeals court allowed the beleaguered company’s request to enter the process in an attempt to sell assets.
The National Company Law Appellate Tribunal allowed RCom to withdraw its appeal against insolvency proceedings initiated last year and lifted interim orders that temporarily halted the bankruptcy case. The moratorium on recovery of dues from RCom will continue.
