11 May 2019 Current Affairs: Reliance Communications (RCom) on 8th May informed the stock exchanges that the administration of the corporate debtor would be taken over by the interim resolution professional (RP) and the corporate insolvency resolution process (CIRP) would resume, following the National Company Law Tribunal (NCLT) directive.
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.
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.
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